Inamed Management Is Told to Review Bid
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Cosmetic surgery product maker Inamed Corp. said its board of directors had instructed management to evaluate a proposed $3.2-billion cash-and-stock takeover bid from Botox maker Allergan Inc. that could trump a competing offer.
Santa Barbara-based Inamed, which makes breast implants and other cosmetic treatment products, had been in talks to be acquired by Medicis Pharmaceutical Corp. for $2.8 billion in cash and stock.
Inamed shares rose $1.51 to $82.79. Medicis shares rose 9 cents to $26.79, and shares of Allergan rose $1.75 to $98.
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