Institutional pharmacy company Omnicare, Covington, Ky., announced that it began a tender offer to buy all shares of competitor PharMerica Corp., Louisville, Ky., for $15 a share.
Omnicare announces tender offer for PharMerica
PharMerica's board urged shareholders to take no action as it will “review the offer to determine the course of action that it believes is in the best interests of the company and its stockholders.”
Omnicare in a release said its all-cash offer is valued at more than a 37% premium to PharMerica's closing stock price on Aug. 22, which is the last trading day before Omnicare publicly announced its proposal. PharMerica rejected the bid at that time. PharMerica's board rejected the deal in August in part because it believed the antitrust clearance for the deal, which could combine what it says are the top two companies in the institutional pharmacy sector, would be “difficult to achieve.”
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