Thermage rejects unsolicited buyout offer

Thermage Inc. said Thursday it is rejecting an acquisition offer from an unnamed buyer, and will focus instead on its combination with Reliant Therapeutics.

Thermage, which makes an anti-aging skin tightening device, received the unsolicited bid of $132.3 million, or $5.50 per share, on Aug. 21. The move would have been an alternative to the buyout of Reliant, a laser skin resurfacing company. Thermage said it will not discuss an alternative buyout and will complete the Reliant deal as soon as possible.

The company agreed to buy Mountain View, Calif.-based Reliant for $87.5 million in cash and stock on July 7. The deal is expected to close in the fourth quarter.

Thermage shares traded at $3.02 before the buyout offer, meaning the undisclosed buyer was offering a premium of 82 percent. The stock finished at $4.25 Wednesday.