According to an Associated Press (AP) report, Merz Pharma Group announced that it has offered to by Obagi for about $383.5 million — higher than the offer Valeant made for the company last month.
In late March, Valeant entered into an agreement with Obagi to pay $19.75 per share, or a total of about $343.7 million, for the company.
According to the AP, Merz said 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. Merz said it sent a letter to Obagi Medical Products Inc.'s board offering to buy all of the company's stock for $22 per share.
Obagi announced that its Board of Directors had received an unsolicited letter from Merz Pharma offering $22 per share cash to acquire the company, and that the Obagi Board of Directors will evaluate Merz Pharma’s offer and the merger terms consistent with its fiduciary and legal duties. The Obagi Board of Directors realizes that time is of the essence in this matter.
