Obagi Chase Ends As Investors Approve $414M Valeant Bid

Law360, New York (April 25, 2013, 3:35 PM EDT) -- Valeant Pharmaceuticals International Inc. on Thursday officially ended its monthlong pursuit of California cosmetics company Obagi Medical Products Inc., winning approval from a majority of the company's investors for a $414 million takeover bid that first survived a rival's challenge.

When Valeant's tender offer closed at midnight, the holders of just more than 84 percent of Obagi's shares had thrown their weight behind the deal, which promises them a $24-per-share cash payout. The victory sets Valeant on its way to a short-form merger, under which it...
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