Merz Tops Valeant With $383M Bid For Obagi

Law360, New York (April 2, 2013, 3:03 PM EDT) -- German drugmaker Merz Pharma Group on Tuesday launched a $383.5 million acquisition offer for California-based cosmetics company Obagi Medical Products Inc., topping a $344 million proposal from Valeant Pharmaceuticals International Inc. and potentially touching off a bidding war.

The new proposition, which represents an 11 percent premium on Valeant’s proposed purchase price, was detailed in a letter Merz sent to Obagi’s board of directors and released publicly in hopes of thwarting a tender offer.

In the correspondence, Merz describes itself as taken aback by news last...
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