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Valeant Pharmaceuticals International, Inc. Completes Tender Offer for Obagi Medical Products, Inc.
Date:4/25/2013

LAVAL, Quebec, April 25, 2013 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant") today announced the expiration of the tender offer (the "Offer") by a subsidiary of Valeant Pharmaceuticals International ("VPI") to purchase all of the outstanding shares of Obagi Medical Products, Inc. (NASDAQ: OMPI) ("Obagi") for a price of $24 per share in cash, without interest (less any applicable withholding taxes). 

The Offer expired at midnight, New York City time, on April 25, 2013.  American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, has advised that, as of the expiration of the Offer, a total of 14,708,133 shares had been tendered into and not withdrawn from the Offer, representing approximately 84.12% of Obagi's outstanding shares.  Additionally, the depositary has advised that an additional 938,189 shares had been tendered by notice of guaranteed delivery. The condition to the Offer that at least a majority of the outstanding shares of Obagi common stock (on a fully diluted basis) be validly tendered and not properly withdrawn prior to the expiration of the Offer has been satisfied.  Accordingly, all shares that were validly tendered and not properly withdrawn were accepted for payment and Valeant will promptly pay for all such tendered shares in accordance with the terms of the Offer.  Valeant intends to exercise its top-up option to acquire additional Obagi shares.  As a result of the tenders and the top-up option exercise, Valeant will own more than 90% of the outstanding Obagi shares than 90% of the outstanding Obagi shares (on a fully diluted basis) and expects to complete today the acquisition of Obagi through a "short form" merger
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SOURCE Valeant Pharmaceuticals International, Inc.
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