Shares of TenderCare International Inc. (OTCBB: TCAR) jumped up today after news about its acquisition by The Hain Celestial Group Inc. (Nasdaq: HAIN) surfaced. In early trading today, TCAR was up 3 cents (6 percent) to 44 cents per share. HAIN slipped down 21 cents (1 percent) to $27.20 per share in early trading today.
TCAR announced the signing of a letter of intent to sell all of the outstanding shares of stock to HAIN for 45 cents per share in cash. As of December 31, 2006, there were 7,454,582 shares of TCAR common stock outstanding. The total value for this transaction is approximately $3.4 million.
“This is an exciting transaction which expands Hain Celestial’s presence in a growing category adjacent to our existing products for babies and toddlers. TenderCare’s environmentally friendly disposable diapers and wipes will give us a great opportunity to further expand our Earth’s Best brand beyond the current categories that we’re in today,” said Irwin D. Simon – president and CEO of HAIN – in a statement.
“Through Hain Celestial, TenderCare will expand its presence in natural and other channels bringing more parents and children the highest quality, natural solutions in diapers and wipes. Additionally, our management team looks forward to working as part of Hain Celestial to grow this business,” said Edward Reiss – co-CEO of TCAR – in a statement.
TCAR is a Wisconsin-based marketer and distributor of natural chlorine-free and gel-free diapers and natural formula baby wipes under the Tushies and TenderCare brand names.
HAIN and its subsidiaries engage in the manufacture, marketing, distribution and sale of natural and organic food products, and personal care products worldwide.