Obagi Bidding War Seen Pushing Premium as High as 99%

Obagi Bidding War Seen Pushing Premium as High as 99%

Norm Betts/Bloomberg

Valeant Pharmaceuticals International Inc. signage is displayed outside of the company's headquarters in Mississauga, Ontario. On March 20, Montreal-based Valeant said it agreed to buy Obagi for $19.75 a share in cash, a 40 percent premium to its 20-day average stock price before the announcement.