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Germany's Merz Pharma Offers to Buy Obagi for $383.5M

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By The Associated Press

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NEW YORK — German drugmaker Merz Pharma Group said Tuesday that it wants to buy dermatology products maker Obagi for about $383.5 million, topping an offer made by Canada’s Valeant Pharmaceuticals last month.

Merz said it sent a letter to Obagi Medical Products Inc.’s (OMPI) board offering to buy all of the company’s stock for $22 per share. The news sent Obagi’s shares up 14.7 percent to $22.61 in premarket trading Tuesday.

Late last month, Valeant Pharmaceuticals International Inc. (VRX) struck a deal with Obagi to pay $19.75 a share, or a total of about $343.7 million, for the company. Merz said Tuesday that it had been in private talks with Obagi before that deal was announced and wasn’t aware that it was considering signing a deal with another company so quickly.

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Long Beach, Calif.-based Obagi makes skin anesthetics as well as prescription and over-the-counter treatments for wrinkles, acne, sun damage and other skin problems. It posted sales of $120 million last year.

Merz, which makes drugs and other products to treat neurological and clinical dermatological conditions, said the addition of Obagi would be a natural fit for it, expand its U.S. market presence and boost its lineup of dermatology products.

The German company maintained that its offer constitutes a superior proposal and offers a significant premium over Valeant’s. The company said it has enough cash on hand to fund the deal and doesn’t need additional financing.

Officials for both Obagi and Valeant didn’t immediately return emails seeking comment.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Rigrodsky & Long, P.A. Announces Investigation Of Obagi Medical Products, Inc. Buyout

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By Business Wirevia The Motley Fool

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Rigrodsky & Long, P.A. Announces Investigation Of Obagi Medical Products, Inc. Buyout

WILMINGTON, Del.–(BUSINESS WIRE)– Rigrodsky & Long, P.A.:

  • Do you own shares of Obagi Medical Products, Inc. (NASDAQ GS: OMPI )?
  • Did you purchase any of your shares prior to March 20, 2013?
  • Do you think the proposed buyout price is too low?
  • Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Obagi Medical Products, Inc. (“Obagi” or the “Company”) (NASDAQ GS: OMPI) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Valeant Pharmaceuticals International, Inc. (“Valeant”) (NYSE: VRX) in a transaction valued at approximately $344 million.

Click here to learn more: http://www.rigrodskylong.com/investigations/obagi-medical-products-inc-ompi.

Under the terms of the proposal, public shareholders of Obagi will receive $19.75 per share in cash for each share of Obagi they own.

The investigation concerns whether Obagi’s board of directors failed to adequately shop the Company and obtain the best possible value for Obagi’s shareholders before entering into an agreement with Valeant.

If you own the common stock of Obagi and purchased your shares before March 20, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth Rigrodsky or Brian Long at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, Delaware 19803, by telephone at (302) 295-5310, or Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530, by telephone at (888) 969-4242; by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/investigations/obagi-medical-products-inc-ompi.

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Source: FULL ARTICLE at DailyFinance