Obagi Medical Products (OMPI) announced Tuesday morning that it received a takeover offer from Merz Pharma Group for $22 per share in cash. On March 20, 2013, Obagi announced that it entered into a definitive merger agreement with Valeant Pharmaceuticals International (VRX).
Obagi Medical Products gapped open sharply higher Tuesday, but moved in a narrow range throughout the session. Shares finished up by 3.17 at $22.88 on above average volume. The stock surged past a week and a half long range and set a new high for the year.
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