Market Update

Shares of PharMerica Corp PMC jumped about 34.8% after Omnicare Inc OCR offered to buy PharMerica for $441 million in cash. The offer of $15 per share represents a 37% premium to PharMerica's closing price on Monday. The transaction will be worth around $716 million, including PharMerica's net debt. Shares of Hanwha SolarOne Co Ltd HSOL gained about 1.4% as the company appointed Mr. Tai Seng PNG as its new chief operating officer. China Nepstar Chain Drugstore Ltd NPD reported that its board of directors has authorized a share repurchase program of up to US$20 million. The company also announced the resignation of Mr. Jason Xinghua Wu as its Chief Executive Officer, effective today. China Shenhua Energy Co CSUAY reported a 26% y/y rise in its commercial coal production in July. China Shenhua Energy's production surged to 23.1 million metric tons, from 18.3 million metric tons, in the year-ago period.