PharMerica Down 13% on FTC Decision to Block Hostile Takeover

PharMerica Corporation PMC is trading lower today following the FTC decision to block a hostile takeover bid by Omnicare OCR. Omnicare had offered to acquire PharMerica for $15 per share in cash. Gregory S. Weishar, CEO of PharMerica commented: "We are pleased the FTC has made a prompt decision to resolve the competitive issues surrounding Omnicare's attempted hostile takeover of PharMerica Corporation...We believe PharMerica is well positioned to deliver outstanding value for customers and stockholders as we pursue our strategic initiatives and head into the accelerating wave of generic drug conversions in 2012 and beyond." PharMerica is currently trading at $12.44, a loss of $1.86 or 13.01%.