Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) announced Monday that it has received antitrust clearance in the United States for its previously announced acquisition of Obagi Medical Products Inc. (OMPI) at a price of $24.00 per share.
The completion of the tender offer is also conditioned on approval of the transactions by the Antimonopoly Committee of Ukraine or "AMC" for purposes of compliance with applicable Ukrainian antimonopoly law and the tender of a majority of the outstanding shares of common stock of Obagi. A joint application seeking approval of the tender offer and subsequent merger was submitted by Valeant and Obagi to the AMC on March 26, 2013.
Valeant expects to complete the tender offer and consummate the merger promptly after the AMC's approval of the acquisition is received.
On 8th April, Germany-based Merz Pharma Group said it withdrawn a non-binding proposal to acquire all of the outstanding shares of Obagi Medical Products for $22 per share in cash.
The withdrawal comes after Canada-based Valeant Pharmaceuticals International recently raised its offer to acquire Obagi for $24.00 per share in cash.
In March, Obagi, a topical aesthetic and therapeutic skin-health systems provider, agreed to be acquired by Valeant for $19.75 per share. The offer came even as Merz was engaged in talks to acquire Obagi.
Not to be left behind, Merz in early April, made a rival bid that was superior, offering $22 for each Obagi share. Valeant then lifted its offer to $24.00 for each Obagi share.
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