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Obagi Medical Products (OMPI) Fell After Merz Dropped Takeover Bid

4/9/2013 7:40 AM ET

Merz Pharma Group announced Monday that it has withdrawn its non-binding proposal to acquire Obagi Medical Products (OMPI: Quote) for $22 per share in cash. Valeant Pharmaceuticals International (VRX: Quote) recently increased its offer to acquire Obagi from $19.75 to $24.00 per share in cash.

Obagi Medical Products gapped open sharply lower Monday, but moved in a narrow range throughout the session. The stock pulled back from the highs of the year and closed down by 1.44 at $23.98 on above average volume.

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by RTT Staff Writer

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