PharMerica Sued Over Rebuffed $441M Omnicare Deal

Law360, New York (September 12, 2011, 9:46 PM EDT) -- Pharmacy management services provider PharMerica Corp. was hit Monday with a putative class action claiming a poison pill defense the company put in place to resist pharmaceutical supplier Omnicare Inc.'s $440.8 million takeover bid was “self-interested and unreasonable.”

In its complaint, filed in Delaware Chancery Court, the Louisiana Municipal Police Employees’ Retirement System calls the Louisville, Ky.-based company’s adoption of the defensive poison pill strategy “disproportionate,” claiming it delays negotiations and may deny investors a “value-maximizing transaction."

PharMerica announced its poison pill strategy Aug. 25, in...
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