Shares of Matrixx Intiatives, Inc. (Nasdaq: MTXX) touched a 52-week high of $8.14 on  Tuesday after it was announced that  company’s Board of Directors unanimously approved a tender offer by investment firm H.I.G. Capital for $8 a share, or about $75.2 million in cash. The per-share price represents a  a 56 percent premium to the company’s Dec. 13 closing price.

Under the terms of the merger agreement, Matrixx may solicit acquisition proposals from third parties for a period from execution of the merger agreement until 11:59 p.m. on January 22, 2011.

It was also announced that the Scottsdale, Ariz.-based Matrixx Initiatives will pay $15.5 million to settle lawsuits over its Zicam Cold Remedy, which was alleged to result in the loss of smell or taste from usage. Matrixx pulled Zicam products from the market in June 2009 after the U.S. Food and Drug Administration told consumers they should stop using the nasal gel and related products because they can permanently damage the sense of smell.

Matrixx said about 1,014 plaintiffs and 1,127 claimants who allege loss of smell or taste from using the cold remedy and other products will be eligible to participate in the program.

Shares of Matrixx Initiatives, Inc. (Nasdaq: MTXX) have been up as much as 58 percent in the past three months.