These guys are looking for Medicis to sweeten! With nearly a 10% stake, why wouldn't they.
U.S. hedge fund says undecided on Allergan bid for Inamed
Thu Dec 8, 2005 12:43 PM ET
NEW YORK, Dec 8 (Reuters) - S.A.C. Capital Advisors, a $6 billion hedge fund manager that controls a 9.5 stake in medical devices maker Inamed Corp. (IMDC.O: Quote, Profile, Research) , on Thursday said it was undecided as to whether to support Allergan Inc.'s (AGN.N: Quote, Profile, Research) $3.2 billion offer for the company.
S.A.C., which is managed by Steven A. Cohen, said in a regulatory filing that it is "reviewing" Allergan's offer, but that it has not decided whether to support it.
Irvine, California-based Allergan offered to buy Inamed for $84 in cash or .8498 of a share of Allergan stock.
Inamed has a previous agreement to be bought by Medicis Pharmaceutical Corp. (MRX.N: Quote, Profile, Research) for $2.5 billion, but it said on Tuesday that it has determined that the Allergan offer is "superior," which typically allows a company to terminate a previous agreement.
Inamed could increase its bid in the next few days, said CIBC World Markets analyst John Calcagnini in a research note on Thursday. Calcagnini said the move would put revised terms in front of Inamed shareholders in time for the Dec. 19 proxy vote.
Inamed shares were trading up $1.11 to $87.46, or 1.2 percent, on midday Nasdaq trading, while Allergan shares were trading up $1.51, or 1.4 percent, to $108.36 on the New York Stock Exchange.
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