On January 10, 2011, Porter Orlin LLC, a New York-based registered investment adviser and shareholder of Matrixx Initiatives, Inc. MTXX, sent a letter to the Board of Directors of the Company regarding the Company's announcement on December 14, 2010 of (i) its entry into a merger agreement with certain affiliates of H.I.G. Capital, LLC (“HIG”) and (ii) the Board's recommendation that shareholders accept HIG's related tender offer at a price of $8.00 per share.
The letter expresses Porter Orlin's belief that the proposed transaction severely undervalues the Company and will deprive shareholders of the full value of their investment.
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