Omnicare, Inc. OCR today
announced that it has allowed its tender offer to acquire all of the
outstanding shares of PharMerica Corporation PMC common stock
for $15.00 per share in cash to expire at 5:00 p.m., New York City time
on February 17, 2012. At the expiration of the offer, certain conditions
to the offer had not been satisfied and Omnicare had not waived those
conditions. No shares of common stock of PharMerica were purchased by
Omnicare pursuant to the offer, and all tendered shares will be returned
promptly. Omnicare issued the following statement:
"While we continue to strongly disagree with the FTC's decision to seek
to block the proposed transaction, we do not believe it is prudent to
invest significant time and money in a lawsuit at this time. Throughout
this process we made a good faith effort to reach a resolution with the
FTC and put forth a number of reasonable solutions. After careful
consideration, including the rejection of our offers to resolve the
alleged concerns through a consent agreement that encompassed
divestitures, and a review of Omnicare's many other compelling growth
opportunities, we have concluded that it is in the best interests of
Omnicare shareholders, customers and employees to allow the tender offer
to expire.
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