Medicis CEO Keeps His Wits
Medicis Chairman and Chief Executive Jonah Shacknai said his company is proceeding with "all systems go" in pursuit of Inamed. He made the comments to investors at a Credit Suisse First Boston health care conference.
The company has filed a formal proxy with the Securities and Exchange Commission, set a Dec. 19 date for a shareholders' vote and filed answers to antitrust-related questions posed by the Federal Trade Commission. The FTC 30-day review period expires Dec. 14.
And if Inamed decides against what Shacknai calls an excellent offer, he said Medicis won't rethink its business strategy because he doesn't have "an emotional view" about the acquisition. If Inamed walks away from the Medicis offer, "we'll be just fine," he said.Medicis, of Scottsdale, Ariz., specializes in skin-care products ranging from acne drugs to an antiwrinkle treatment. It made a cash and stock bid for Inamed in March, which was then worth $2.8 billion, or $75 a share. The deal included $30 in cash and 1.4205 Medicis shares for each share of Inamed, of Santa Barbara, Calif. Because Medicis' stock has fallen, the deal is now worth about $69 a share. Early this week, Botox-maker Allergan offered $84 a share, or $3.2 billion, for Inamed, which specializes in skin-care products, breast implants and obesity products. Allergan's offer is $84 in cash or 0.8498 shares of Allergan for each share of Inamed. The target company's board said it would review the unsolicited offer from Allergan, of Irvine, Calif., whose other main business is eye-care medications. Shackani wasn't asked whether he would try to beat Allergan's bid. He didn't volunteer any comment, except to say that the Medicis offer reflects the "full and fair value" of Inamed.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV