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Article: Is Mentor's Medicis Bid Dead in the Water?(acquisition of Medicis Pharmaceutical Corp)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- January 23, 2006
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While Mentor Corp.'s $2.2 billion offer for Medicis Pharmaceutical Corp. remains on the table, and the situation trades at a negative spread, market sources place very little stock in the proposal.
And although Scottsdale, Ariz.-based Medicis is no longer distracted by its nine-month-long effort to acquire Inamed Corp., some Street sources still views $2 billion market cap Mentor's offer as unlikely to result in a deal.
On Nov. 20, Santa Barbara, Calif.-based Mentor offered to buy Medicis for 0.62 Mentor shares for each Medicis share. The same day, Medicis issued a release in which it says its board unanimously rejected Mentor's proposal. In the same ...