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Inamed Says Allergan Bid Is Superior

Cosmetic-surgery supplier Inamed (IMDC) conceded Wednesday that a $3.2 billion buyout offer proffered by Allergan (AGN) is probably superior to an existing bid from Medicis (MRX).

Inamed said directors meeting Wednesday "determined that the Allergan proposal is reasonably likely to result in a 'company superior proposal'" as defined in its March 20 merger agreement with Medicis. The board directed management to evaluate the offer, which comes out to $84 a share in stock and cash.

Medicis' offer was worth $75 a share, or $2.8 billion, when it was made. Medicis, which makes treatments for skin diseases and other products, offered $30 cash plus 1.4205 of its shares.

In touting the superiority of its bid Tuesday, Allergan noted that it's offering a higher component of cash than the Medicis, a more liquid stock, a higher premium and the possibility of quicker completion.

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