Merz Pharma Group is backing off from buying Obagi Medical Products Inc. (Nasdaq: OMPI) after the $418 million bid from Valeant Pharmaceuticals International Inc. (NYSE: VRX, TSX: VRX), announced April 3, proved too high.

To recap the brief bidding war, Valeant announced on March 20 it would buy Obagi for$360 million, or $19.75 per share in cash. Merz, on April 2, bid $383 million, or $22 per share. The next day, Valeant offered Obagi 10 percent more, making the current price tag of $24 per share, or about $418 million, too tough to beat.

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