CHRXQ IS GOING TO BE HUGE!! CURRENTLY TRADING AT .079 THIS STOCK PRICE CAN GO UP TO $5 IN A MATTER OF DAYS. PMC is buying CHRXQ for $70.6 million for all its 13.7 million shares.
DO THE MATH!! 70.6 MILLION/13.7 MILLION = $5.15 A SHARE!!!
PharMerica Makes $70.6M Bid To Buy Bankrupt Chem Rx
Sep 27, 2010 07:37:50 (ET)
DOW JONES NEWSWIRES
PharMerica Corp. (PMC) has made a $70.6 million bid to buy bankrupt long-term care pharmacy Chem Rx Corp. (CHRXQ), looking to expand its services and enter the New York and New Jersey markets.
PharMerica said it hopes to become the designated "stalking horse"--the leading bidder--for the assets of Chem Rx in bankruptcy proceedings. Chem Rx filed for Chapter 11 in May after its first-lien lenders took action to prevent it from using its cash after the company defaulted on its loans and failed to reach a consensus on debt restructuring.
PharMerica Chief Executive Gregory S. Weishar said buying Chem Rx would give his company "a great opportunity to enter the New York and New Jersey markets and expand our national footprint." Chem Rx operates in New York, New Jersey, Pennsylvania and Florida, providing prescription and non-prescription drugs and other medical items to about 60,000 patients.
PharMerica said if it buys Chem Rx, it will finance the acquisition with its revolving line of credit.
Shares of PharMerica closed at $9.48 Friday, and were inactive premarket. The stock has fallen 50% the past year. Last month Noble Financial Research called PharMerica's second-quarter results "stunningly disappointing," saying macro challenges are significant and company-level execution just isn't good enough.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;
(END) Dow Jones Newswires
September 27, 2010 07:37 ET (11:37 GMT)
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