A fourth player has walked onstage in the cosmetic surgery takeover saga.
offered to acquire
for $34.81 a share in stock, or about $2.2 billion.
Medicis, which itself is involved in a bidding war for
, said its board unanimously rejected the Mentor proposal.
"The proposal by Mentor is inappropriate in light of the recent trading history of the two companies and the pending stockholder votes on the Inamed merger," Medicis said. Mentor's stock has risen 79% this year, while Medicis' has fallen 19%.
"We continue to unanimously recommend that our stockholders vote in favor of our proposed merger with Inamed as we believe that a combination with Inamed will maximize stockholder value," Medicis said.
(AGN - Get Report)
, Medicis' rival for Inamed, began its exchange offer for the company. Botox-maker Allergan has 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 previously said it would review the unsolicited offer from Allergan, of Irvine, Calif., whose other main business is eye-care medications.
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 offer is now worth about $69 a share.