Merz Pharma Group announced Monday that it has withdrawn its non-binding proposal to acquire Obagi Medical Products (OMPI: Quote) for $22 per share in cash.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.
by RTT Staff Writer
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