SCOTTSDALE, Ariz., Nov. 21 (UPI) -- Medicis Pharmaceutical Corp., a big cosmetic surgery and skin care group based in Arizona, rejected a $2.2 billion buyout offer Monday from Mentor Corp.
Mentor, which proposed the all-stock deal as an alternative to Medicis' announced buyout of rival Inamed Corp., said Sunday their proposal's value marks a 25 percent premium to the Nov. 18 closing price of Medicis shares.
Medicis describes itself as "the leading independent (U.S.) specialty pharmaceutical company" for "dermatological and podiatric conditions and aesthetics medicine."
The Medicis board said Monday it planned to submit its agreement to buy Inamed to its shareholders and regarded Mentor's public, unsolicited offer as "inappropriate."
Last week Medicis shares fell sharply on news Allergan, maker of Botox anti-wrinkle treatments, had made its own $3.2 billion bid for Inamed.
Allergan is much larger than Medicis and could easily outbid Medicis in a takeover battle for Inamed, leading many analysts and observers to believe that Medicis is unlikely to raise its offer, the Financial Times said Monday.
