PharMerica gets buyout offer from Omnicare
Tampa Bay Business Journal
Date: Tuesday, August 23, 2011, 5:18pm EDT
Related:
Health Care, Pharmaceuticals
PharMerica Corp. PharMerica Corp. Latest from The Business Journals Omnicare CEO: PharMerica bid isn't hostilePharMerica board rebuffs 6M Omnicare bidOmnicare makes 6M offer for PharMerica Follow this company said it received and rejected an unsolicited buyout proposal from Omnicare Inc. Omnicare Inc. Latest from The Business Journals Omnicare CEO: PharMerica bid isn't hostilePharMerica board rebuffs 6M Omnicare bidOmnicare makes 6M offer for PharMerica Follow this company
The transaction would be valued at $716 million, including PharMerica’s debt, Omnicare said.
PharMerica (NYSE: PMC) is a Louisville, Ky.-based institutional pharmacy services company with a major operations center in Tampa.
PharMerica’s board of directors determined the Omnicare offer of $15 a share in cash undervalues PharMerica and was not in the best interest of the company or its stockholders, a company statement from PharMerica said.
In its own statement, Omnicare said the proposal represents a 37.2 percent premium over PharMerica’s closing stock price on Aug. 22 and a 25.9 percent premium over the average closing price for the one-months period ended Aug. 22. In a separate statement, Omnicare said the proposal offered a “compelling value proposition” for PharMerica stockholders and said it was committed to pursuing the deal.
Omnicare (NYSE: OCR), headquartered in Covington, Ky., provides pharmaceutical services to patients and providers across North America.
