Merz Makes Offer for Obagi

With an unexpected $383.5 million bid, Merz Pharma Group formally proposed to acquire Obagi Medical Products, outdoing rival Valeant's bid for Obagi announced late last month and reported in yesterday's edition of DermWire. Merz sent a letter to Obagi Medical Products Inc.'s board offering to buy all of the company's stock for $22 per share, as compared to Valeant's original offer of $19.75 per share. According to the Associated Press, 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.