NeighborCare, Baltimore, said its board of directors voted unanimously to recommend that shareholders reject a hostile takeover bid of $30 per share from rival Omnicare, Covington, Ky. The institutional pharmacy provider said the offer of $1.5 billion, including assumed debt, is financially inadequate and added that this is the third time its board has unanimously rejected similar Omnicare proposals. The company said the board's decision reflects its belief that NeighborCare is poised to grow and prosper after completing a major strategic realignment late last year. -- by Lisa Scott
NeighborCare urges shareholders to reject offer
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.