Blyth Rejects Unsolicited Conditional Acquisition Offer From CVSL

(RTTNews) - Personal products company Blyth, Inc. (BTH) said Friday that its board of directors have unanimously rejected direct seller CVSL, Inc.'s (CVSL) unsolicited conditional acquisition offer after 'carefully reviewing' the offer.

The board took the unanimous decision after the offer was thoroughly reviewed with the help of law firm Wachtell, Lipton, Rosen and Katz and financial advisory Jefferies LLC. The two advisors were also now retained by the board to provide and similar services to Blyth.

CVSL had offered to buy Blyth on October 29 for $16.75 per share in an all-cash deal valued at about $270 million. The offer represented a 31 percent premium over Blyth's unaffected closing share price of $12.76 on October 25.

Greenwich, Connecticut-based Blyth operates as a direct to consumer marketing company, with operations across three segments: Health & Wellness, Candles & Home Decor, and Catalog & Internet.

BTH closed Thursday's regular trading session at $12.50, down $0.14 on a volume of 94,900 shares, and CVSL closed at $0.60.