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...
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