OMPI Up on Continued Rumors of Takeover Bid, Evidence Yesterday

Obagi Medical Products (OMPI) continues an upward trend this morning on rumors and further evidence of a potential takeover. Within an hour of the closing bell on Tuesday, OMPI announced official removal of a “poison pill” provision that could have stopped a potential acquisition by introducing additional shares to stockholders. Rumors of acquisition have been floating for weeks on forums and editorial sites, but this is the first hard evidence that management may be open to M&A. Shares are up 30% in the last month.