Merz Pharma Drops Out Of Bidding War For Obagi Medical

Law360, New York (April 8, 2013, 3:14 PM EDT) -- German drugmaker Merz Pharma Group said Monday it has abandoned its bid for Obagi Medical Products Inc. after Valeant Pharmaceuticals International Inc. upped its offer to about $418 million, ending what amounted to a weeklong bidding war for the California cosmetics company.

Merz withdrew its $383.5 million acquisition offer in response to a decision announced last week to revise a merger agreement between Obagi and Valeant, the drugmaker said in a statement. Valeant changed its offer to compete with Merz's bid of $22 per share in...
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