Omnicare Takes $716M Bid For PharMerica Hostile

Law360, New York (September 7, 2011, 5:30 PM EDT) -- Pharmaceutical supplier Omnicare Inc. took its bid to acquire health care center operator PharMerica Corp. hostile on Wednesday, bringing its $716 million offer straight to shareholders and slamming PharMerica’s board with a suit in Delaware court.

Omnicare said that after its $15 a share cash offer was rejected by PharMerica’s executives, it was tendering an offer directly to shareholders that is set to expire Oct. 4.

The Covington, Ky.-based Omnicare simultaneously filed a suit in Delaware Chancery Court alleging PharMerica, its CEO Gregory Weishar and other...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.