Institutional pharmacy provider NCS Healthcare, Beachwood, Ohio, is seeking an injunction against a hostile takeover offer, at $3.50 per share, by Omnicare, Covington, Ky. Earlier this month, NCS accepted a merger offer from Genesis Health Ventures, Kennett Square, Pa., only to be met by a lawsuit from Omnicare, accusing NCS of failing to act in its shareholders' best interests. NCS is the nation's fourth-largest provider of institutional pharmacy services. Omnicare and Genesis are the largest and third-largest firms in the field, respectively. Seeking to block Omnicare's planned tender offer, NCS filed suit Tuesday alleging that Omnicare's regulatory filings contain "materially false and misleading" statements. Responding to an NCS charge that Omnicare's offer was "illusionary," Omnicare President and CEO Joel Gemunder said the company has "repeatedly advised the NCS board that Omnicare is prepared to execute a merger agreement substantially identical to the NCS-Genesis merger agreement" and will continue to pursue its litigation against the deal. -- by Julie Piotrowski
NCS Healthcare moves to block hostile takeover
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