Stockholders Urged To Take No Action Pending Board’s Review
LOUISVILLE, Ky.--(BUSINESS WIRE)-- PharMerica Corporation (NYSE: PMC), a national provider of institutional pharmacy and hospital pharmacy management services, today acknowledged that Omnicare, Inc. (NYSE: OCR) has commenced an unsolicited tender offer to acquire all outstanding common shares of PharMerica at a price of $15.00 per share in cash.
Consistent with its fiduciary duties, the PharMerica Board of Directors will review the offer to determine the course of action that it believes is in the best interests of the Company and its stockholders. PharMerica stockholders are urged to take no action at this time pending the Board’s review of the offer.
The PharMerica Board, in consultation with its independent financial and legal advisors, will advise stockholders of its position regarding the Omnicare offer within 10 business days by making available to stockholders and filing with the Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9.
PharMerica noted that the tender offer is identical in all material respects to the proposal from Omnicare that was previously rejected by the PharMerica Board. That proposal was first made privately on July 19, 2011 and subsequently made public by Omnicare on August 23, 2011.
Deutsche Bank Securities Inc. is acting as financial advisor and Holland & Knight LLP is acting as legal advisor to PharMerica.
About PharMerica
PharMerica Corporation is a leading institutional pharmacy services company servicing healthcare facilities in the United States. PharMerica operates institutional pharmacies in 44 states. PharMerica’s customers are institutional healthcare providers, such as nursing centers, assisted living facilities, hospitals and other long-term care providers. The Company also provides pharmacy management services to long-term care hospitals.
Additional Information
In response to the tender offer, PharMerica will file a solicitation/recommendation statement on Schedule 14D-9 with the U.S. Securities and Exchange Commission (“SEC”). Any solicitation/recommendation statement filed by PharMerica that is required to be mailed to stockholders will be mailed to stockholders of PharMerica. INVESTORS AND STOCKHOLDERS OF PHARMERICA ARE URGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and stockholders will be able to obtain free copies of these documents (when available) and other documents filed with the SEC by PharMerica through the web site maintained by the SEC at http://www.sec.gov. In addition, documents filed with the SEC by PharMerica may be obtained free of charge by contacting Thomas A. Caneris, Senior Vice President and General Counsel of PharMerica, at (502) 627-7536.
CONTACT:
PharMerica Corporation
Thomas A. Caneris, 502-627-7530
Senior Vice President and General Counsel
or
Sard Verbinnen & Co.
David Reno/Meghan Stafford, 212-687-8080
KEYWORDS: United States North America Kentucky
INDUSTRY KEYWORDS: Health Hospitals Pharmaceutical Professional Services Finance Managed Care
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