Bradley Pharmaceuticals receives management buyout offer

The $360 million buyout offer includes all of the outstanding shares of Bradley common stock and class B common stock. According to Mr Glassman, the offer price represents a premium of approximately 16.6% over the company’s closing share price as of May 25, 2007.

Mr Glassman, who already holds nearly all of the company’s class B common stock, intends to reinvest a substantial portion of his equity ownership of the company through the transaction, the company said in a press release.

Mr Glassman has also received indications of willingness from One Equity Partners to provide the new cash equity and from Credit Suisse Securities to underwrite the debt financing.

Bradley Pharmaceuticals said that it has formed a special committee of independent directors to consider the company’s strategic alternatives, including Mr Glassman’s proposal.

Seth Hamot, interim non-executive chairman of the board, said: “The board will review Mr Glassman’s proposal thoroughly but I caution Bradley stockholders and others considering trading in its securities that we have only just received the proposal and that no decisions have been made by the board of directors with respect to the company’s response to this ‘going private’ proposal.”

Reuters has speculated that as Bradley’s stock closed up 21.2% on Tuesday, at $22.35, the company’s shareholders may be waiting for a higher offer to appear.

Mr Glassman intends to retain his post as CEO should his offer prove successful.