Merz Pharma drops out of bidding war for Obagi Medical

Mon Apr 8, 2013 7:53am EDT
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April 8 (Reuters) - Germany's Merz Pharma Group withdrew its offer for U.S. cosmetic products maker Obagi Medical Products Inc, after rival bidder Canada's Valeant Pharmaceuticals International Inc raised its offer last week.

Merz had offered $22 a share, which was topped by Valeant with a $24-a-share offer on April 3.