Wells Fargo Analyst Michael Ton Says Valeant May Have to Raise Offer for Obagi or Walk Away
Concerns come from a recent offer by Merz Pharma, which may force Valeant to raise its offer, cut into margins or abandon the acquisition all together.
Tong went on to note that Valeant has a history of walking away from competitive bidding.
Following the news, Valeant Pharma traded roughly flat, while Obagi traded up 16.24 percent to $22.91.
Latest Ratings for VRX
|Dec 2016||Morgan Stanley||Downgrades||Overweight||Equal-Weight|
|Nov 2016||Rodman & Renshaw||Downgrades||Buy||Neutral|
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