SCOTTSDALE, Ariz., Nov. 21 (UPI) -- Specialty drug firm Medicis has rejected an acquisition bid by Mentor, saying it will complete its merger with Inamed.
Santa Barbara, Calif.-based Mentor had proposed buying Medicis by exchanging 0.62 of a share of Mentor for each share of Medicis in a deal totaling $2.2 billion.
Medicis said its board of directors has unanimously rejected that offer, made in a Nov. 18 letter.
"We are focused on maximizing stockholder value now and in the future. The proposal by Mentor is inappropriate in light of the recent trading history of the two companies and the pending stockholder votes on the Inamed merger," the Scottsdale, Ariz.-based firm said in a statement.
Medicis focuses on dermatologic and podiatric products and aesthetic medicine, while Mentor's product line includes testicular implants and other urologic devices, and Inamed makes breast implants.
