Medicis Walks Away From Inamed
Medicis, a Scottsdale, Ariz., company that specializes in skin disease and skin-treatment products, said it would collect a $90 million break-up fee from Inamed according to the terms of their March 20 agreement.
"After careful evaluation by the board of directors with consultation from outside counsel and financial advisers, we have concluded that it is in the best interests of Medicis shareholders not to raise our offer for Inamed," said Jonah Shacknai, chairman and chief executive of Medicis.
The company's decision comes seven days after the Dec. 6 deadline that it had set for Inamed, of Santa Barbara, Calif., to reject the competing offer from Allergan. Inamed focuses on skin-care products and breast implants. Allergan, of Irvine, Calif., makes eye-care medications and the Botox wrinkle treatment.Allergan offered $84 in cash or 0.8498 shares for each share of Inamed. The deal is worth about $3.2 billion. Inamed's board recently said that although Allergan's offer was superior, the
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