Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: richardred who wrote (3326)	4/3/2013 5:18:54 PM
From: richardred	Respond to of 7242

All in ? fair warned Merz! Valeant Pharma boosts offer for Obagi to $418MValeant increases offer for Obagi Medical to $24 per share, tops earlier bid from Merz LONG BEACH, Calif. (AP) -- Obagi Medical Products Inc. said Wednesday that Canadian drugmaker Valeant Pharmaceuticals boosted its offer to buy the dermatology products maker, topping a bid made a day ago by a German rival. Obagi said it struck a deal with Valeant Pharmaceuticals International Inc. that calls for it to pay $24 per share, or a total of about $418.3 million, for the company. The news sent Obagi shares up 10 percent in morning trading. Obagi said its board has approved the deal and is recommending that stockholders tender their shares in Valeant's offer, which is set to expire on April 23. A spokeswoman for Merz didn't immediately return a call for comment. The sweetened offer came a day after German drugmaker Merz Pharma Group offered to buy Obagi for $22 per share, or about $383.5 million. Late last month, Valeant agreed to pay $19.75 per share, or a total of about $343.7 million, for Obagi. Merz said Tuesday that it had been in private talks with Obagi before that deal was announced and wasn't aware that it was considering signing a deal with another company so quickly. Long Beach, Calif.-based Obagi makes skin anesthetics as well as prescription and over-the-counter treatments for wrinkles, acne, sun damage and other skin problems. It posted sales of $120 million last year. In morning trading, Obagi shares rose $2.19, or 10 percent, to $25.07, while Valeant's U.S. shares edged up 71 cents to $76.08. finance.yahoo.com