Biz BriefsPure World of Bedminster has agreed to be acquired by Naturex of Avignon, France. News of the sale, which was valued at $4.30 per share or $36.8 million, sent Pure World?s stock to a new 52-week high of $4.25 per share. The shares had traded for about $2 just before the deal was announced. The acquisition is expected to be complete in late July with Pure World becoming a wholly owned subsidiary of Naturex.
Both Naturex and Pure World develop botanical extracts that are marketed as ingredients to manufacturers of cosmetic, food, flavor, nutraceutical and pharmaceutical products. Naturex will purchase all the outstanding shares of Pure World?s common stock, including those held by Pure World Chairman Paul Koether, who owns 42%. The deal has already received approval from the boards of both companies.