Physicians Formula Holdings Inc. has a full dance card.

The company, which last month agreed to a buyout from Swander Pace Capital, said it has received an unsolicited and higher offer from an undisclosed suitor.


Swander agreed to pay $4.25 a share, which the company said last month equated to about $65 million. The new offer comes in at $4.90 a share, or almost $75 million under the same standard. That’s a 15.3 percent premium.

Physicians Formula said its board is exploring the proposal and has not yet determined if the bid is superior to Swander’s.

The company said the new offer is subject to several conditions, “including the completion of due diligence and securing of financing commitments by the third party who submitted the proposal and the negotiation of a mutually acceptable definitive agreement.”

Investors bet that the company will ultimately do better than the deal it agreed to last month and pushed shares of the company up 9.4 percent, or 41 cents, to $4.78 in the opening minutes of trading on Wall Street.