Valeant Pharmaceuticals
International, Inc. VRX announced that it has received
approval by the Antimonopoly Committee of Ukraine (the "AMC") of its proposed
acquisition of Obagi Medical Products, Inc. OMPI ("Obagi") pursuant
to a tender offer and subsequent merger. The receipt of the AMC's approval of
the acquisition satisfies one of the conditions to consummate the tender
offer. As previously announced, the applicable waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired. The
consummation of the tender offer remains subject to other customary
conditions, all of which the parties expect to be satisfied.
The tender offer for all of the outstanding shares of common stock of Obagi at
a price of $24.00 per share, net to the seller in cash, without interest (less
any required withholding taxes) expires 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). Valeant does not expect to further
extend the offer and expects to complete the acquisition of Obagi on April 25,
2013 or shortly thereafter.
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