LAVAL, Quebec, April 25, 2013 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
("Valeant") today announced the expiration of the tender offer (the
"Offer") by a subsidiary of Valeant Pharmaceuticals International
("VPI") to purchase all of the outstanding shares of Obagi Medical
Products, Inc. (NASDAQ: OMPI) ("Obagi") for a price of $24 per share in cash, without interest (less any
applicable withholding taxes).
The Offer expired at midnight, New
York City time, on April 25,
2013. American Stock Transfer & Trust Company,
LLC, the depositary for the tender offer, has advised that, as of
the expiration of the Offer, a total of 14,708,133 shares had been
tendered into and not withdrawn from the Offer, representing
approximately 84.12% of Obagi's outstanding shares.
Additionally, the depositary has advised that an additional 938,189
shares had been tendered by notice of guaranteed delivery. The
condition to the Offer that at least a majority of the outstanding
shares of Obagi common stock (on a fully diluted basis) be validly
tendered and not properly withdrawn prior to the expiration of the
Offer has been satisfied. Accordingly, all shares that were
validly tendered and not properly withdrawn were accepted for
payment and Valeant will promptly pay for all such tendered shares
in accordance with the terms of the Offer. Valeant intends to
exercise its top-up option to acquire additional Obagi
shares. As a result of the tenders and the top-up option
exercise, Valeant will own more than 90% of the outstanding Obagi
shares than 90% of the outstanding Obagi shares (on a fully diluted
basis) and expects to complete today the acquisition of Obagi
through a "short form" merger under Delaware law.
As a result of the merger, Obagi will become a wholly owned
subsidiary of VPI. In the merger, each remaining share of
Obagi that was not validly tendered in the Offer will be cancelled
and converted into the right to receive the same $24 per share in cash that was paid in the
Offer. Following completion of the merger, the common stock
of Obagi will no longer be listed for trading on the NASDAQ Global
Select Market, which is expected to take effect as of the close of
market today.
About Valeant Pharmaceuticals International, Inc.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, neurology and branded
generics. More information about Valeant Pharmaceuticals
International, Inc. can be found at www.valeant.com.
Forward Looking Statements
This press release contains forward-looking statements regarding
the acquisition by Valeant of Obagi. Statements
including words such as "expects," "intends," "will,"
or similar expressions are forward-looking statements.
Because these statements reflect Valeant's current views,
expectations and beliefs concerning future events, these
forward-looking statements are not guarantees of future events and
involve risks and uncertainties. All forward-looking
statements speak only as of the date they were made. The
company assumes no obligation to publicly update any
forward-looking statements, to reflect events, circumstances or
changes in expectations after the date of this press release.
Contact
Information:
Laurie W.
Little
949-461-6002
laurie.little@valeant.com
(Logo:
http://photos.prnewswire.com/prnh/20101025/LA87217LOGO)
SOURCE Valeant Pharmaceuticals International, Inc.