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Thermage weighs alternative to Reliant purchase

This article was originally published in The Gray Sheet

Executive Summary

Radiofrequency energy-based aesthetic skin treatment device maker Thermage receives unsolicited, non-binding acquisition proposal worth approximately $130 million from an un-named third party. Announced Aug. 20, the offer presents an alternative to Thermage's pending $95 million acquisition of privately held laser-based skin treatment firm Reliant Technologies. Thermage says it will respond "in due course" to the offer, which represents an 82% premium over its Aug. 20 stock price close of $3.02. Under the July 7 Reliant deal, Thermage is barred from considering alternate transactions unless its board determines that the proposal "constitutes or is reasonably likely to lead to a superior proposal" (1"The Gray Sheet" July 14, 2008, p. 11)
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