Valeant Bids $418M To Keep Top Spot In Obagi Bidding War

Law360, New York (April 3, 2013, 5:53 PM EDT) -- Canadian drugmaker Valeant Pharmaceuticals International Inc. increased its bid for Obagi Medical Products Inc. to about $418 million Wednesday, revising its acquisition agreement after an offer by a German competitor threatened to best its original proposal by nearly $40 million. 

The pharmaceutical company changed its offer to acquire California-based Obagi from $19.75 to $24 per share, in an agreement unanimously approved by Obagi's board of directors, Obagi said in a statement. The amendment comes just one day after German drugmaker Merz Pharma Group announced a $383.5 million...
To view the full article, register now.