New York, NY -- (ReleaseWire) -- 03/21/2013 -- Obagi Medical Products, Inc. (NASDAQ: OMPI) announced that it entered into a definitive merger agreement with Valeant Pharmaceuticals International, Inc. (NYSE: VRX) under which Valeant will acquire all of the outstanding common stock of Obagi for $19.75 per share in cash.
The transaction, which values Obagi common stock at approximately $360 million, was unanimously approved by the Obagi Board of Directors. The $19.75 per share price represents a 42% premium to Obagi’s closing share price on Thursday, March 14, 2013, the last trading day prior to the disclosure of its fourth quarter and full year 2012 earnings, and a 40% premium to the thirty day prior stock price.
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VelocityShares Daily Inverse VIX Short Term ETN (NYSE: XIV) traded at $ 23.16 in the last session, which is +1.16 (5.27%). The stock has a Range of 22.54 - 23.30. The stock has a 52 week low and high of 8.07 - 24.17 respectively. The stock has a Market Cap of 447.42M. The stock traded a volume of 1.47M.
The investment seeks to replicate, net of expenses, the inverse of the daily performance of the S&P 500 VIX Short-Term Futures index. The index was designed to provide investors with exposure to one or more maturities of futures contracts on the VIX, which reflects implied volatility of the S&P 500 Index at various points along the volatility forward curve.
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