Bidding war on: Valeant Pharmaceuticals (VRX) increases its offer for Obagi Medical (OMPI) to...

|About: Valeant Pharmaceuticals I... (VRX)|By:, SA News Editor

Bidding war on: Valeant Pharmaceuticals (VRX) increases its offer for Obagi Medical (OMPI) to $24 a share in cash, a day after Merz Pharmaceuticals proposed $22. That bid had trumped Valeant's original offer of $19.75. Obagi has accepted Valeant's new proposal, which has sent the former's shares up 8.4% to $24.80.