Germany's Merz Pharma Group withdrew its offer for U.S. cosmetic products maker Obagi Medical Products Inc, after rival bidder Canada's Valeant Pharmaceuticals International Inc raised its offer last week.Merz offered $22 per share on April 2. However, Valeant raised its bid the next day to $24 from its original offer of $19.75 in March.Obagi shares were down 6 percent at $23.99 in premarket trading on Monday. The shares, which closed at $25.42 on Friday, had jumped above Valeant's higher offer in anticipation of a bidding war."Merz is a disciplined buyer and at this level the economics of such a transaction do not meet our requirements," Merz CEO Philip Burchard said in a statement.
Obagi Medical Products, Inc. (Obagi) is a specialty pharmaceutical company that develops, markets and sells, and is a provider of, topical aesthetic and therapeutic prescription-strength skin care systems and related products in the physician-dispensed market. Shares of OMPI remained unchanged at $25.42. In the past year, the shares have traded as low as $10.70 and as high as $25.60. On average, 516460 shares of OMPI exchange hands on a given day and today's volume is recorded at 69323.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX remained unchanged at $71.79. In the past year, the shares have traded as low as $42.47 and as high as $76.56. On average, 1383100 shares of VRX exchange hands on a given day and today's volume is recorded at 0.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 0.76% or $-0.56/share to $72.98. In the past year, the shares have traded as low as $43.99 and as high as $77.66. On average, 441100 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 0.
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