Valeant Pharmaceuticals
International, Inc. VRX announced it has extended the
expiration date of the tender offer by its indirect wholly-owned subsidiary,
Odysseus Acquisition Corp., for all of the outstanding shares of common stock
of Obagi Medical Products, Inc. OMPI ("Obagi") at a price of $24.00
per share, net to the seller in cash, without interest (less any required
withholding taxes). The offer and withdrawal rights described in the offering
documents have been extended and will now expire at 12:00 midnight, New York
City time, on Thursday, April 25, 2013 (which is one minute after 11:59 p.m.
New York City time, on Wednesday, April, 24, 2013), unless the offer is
further extended. The offer had previously been scheduled to expire at 12:00
midnight, New York City time, on Tuesday, April 23, 2013. American Stock
Transfer & Trust Company, LLC, the depositary for the tender offer, has
indicated that as of the previously scheduled expiration, a total of
14,889,011 Obagi shares had been tendered, representing approximately 85.08%
of the outstanding shares of Obagi (which number includes 1,903,042 shares
(approximately 10.87% of the outstanding shares) tendered by notice of
guaranteed delivery).
The offer was extended because the condition to receive approval of the
transactions by the Antimonopoly Committee of Ukraine (the "AMC") had not been
satisfied as of the previously scheduled expiration. Although there can be no
guarantee or assurance, Valeant believes it is possible that the parties may
receive approval from the AMC at a meeting of the AMC on Wednesday, April 24,
2013. Valeant expects to complete the tender offer and consummate the merger
promptly after the AMC's approval of the acquisition is received. Except for
the extension of the offer expiration date, all other terms and conditions of
the offer remain unchanged. Stockholders who have already tendered their
shares of common stock of Obagi do not have to re-tender their shares or take
any other action as a result of the extension of the expiration date of the
offer.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in