Obagi Medical Products Inc., Valeant Pharmaceuticals, Merz deal

Merz withdrew its competing offer to acquire skin disorder company Obagi for $22 per share in cash, which it made public on April 2. Merz's withdrawal came after Valeant raised its acquisition price to $24 from $19.75 per share on April 3 in response to Merz's offer. Merz said "at this level," the economics of the deal do not meet Merz's requirements (see BioCentury, March 25 & April 8). ...