Inamed says Allergan takeover bid is superior to earlier Medicis offer |

Inamed says Allergan takeover bid is superior to earlier Medicis offer

LOS ANGELES – Cosmetic surgery product maker Inamed Corp. said Tuesday its board of directors has concluded that a proposed $3.2 billion takeover bid from Botox maker Allergan Inc. is superior to an earlier offer it had accepted from Medicis Pharmaceutical Corp.But Inamed said it would remain neutral on the Allergan offer, abstaining from making any recommendations to its shareholders, until its pending pact with Medicis is terminated.Inamed also said Allergan had put forth a revised offer and agreement that were “materially different” than its initial offer, although Allergan’s original offer of $84 in cash or 0.8498 of a share of common Allergan stock for each Inamed share remains unchanged.Under the terms of Allergan’s proposal, Inamed can approve and execute the deal any time through Dec. 31.Inamed agreed in March to be acquired by Scottsdale, Ariz.-based Medicis in a cash and stock deal then worth $2.8 billion, valuing Inamed at about $75 per share.Last month, Medicis asked Inamed’s board to recommend that its shareholders reject the competing offer by Irvine-based Allergan, maker of the popular wrinkle-diminishing treatment Botox.At the time, Medicis said it would have the right to terminate its offer and collect a $90 million penalty fee if Inamed’s board did not recommend shareholders reject the Allergan bid by Dec. 6.Calls to Medicis were not immediately returned Tuesday.Inamed shares fell 1 cent to $85.28 during afternoon trading on the Nasdaq Stock Market, while Allergan shares rose $1.12 to $104.90 on the New York Stock Exchange. Shares of Medicis rose 70 cents, or 2.1 percent, to $34.37 on the NYSE.

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