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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (954)	12/14/2005 12:19:59 AM
From: richardred	Respond to of 7259

Medicis Opts Not to Raise Inamed Offer Tuesday December 13, 6:33 pm ET Medicis Pharmaceutical to No Longer Pursue Buyout of Inamed, Gets $90 Million Termination Fee SCOTTSDALE, Ariz. (AP) -- Medicis Pharmaceutical Corp. said Tuesday it will no longer pursue a buyout of Inamed Corp., the cosmetic surgery product maker that last week said it planned to take a sweeter offer from Botox-maker Allergan Inc. "We have concluded that it is in the best interests of Medicis shareholders not to raise our offer for Inamed," Medicis said in a statement. Late Tuesday, Inamed announced its board is backing Allergan's bid. Medicis said it has received the expected $90 million termination payment from Inamed. Santa Barbara, Calif.-based Inamed added that it also reimbursed Medicis $481,985 for expenses. Inamed and Medicis, a seller of prescription acne and skin treatments, originally agreed to the deal in March. Allergan, of Irvine, Calif., later offered $3.2 billion for Inamed, substantially higher than the $2.8 billion proposed by Medicis. Medicis shares rose $1.40, or 4.2 percent, to close at $34.71 on the New York Stock Exchange. Inamed shares slipped 57 cents to close at $87.59 on the Nasdaq, and Allergan's NYSE-traded shares closed down 74 cents at $109.20. biz.yahoo.com