Market Update
Shares of PharMerica Corp (NYSE: PMC) jumped about 34.8% after Omnicare Inc (NYSE: 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 (NASDAQ: HSOL) gained about 1.4% as the company appointed Mr. Tai Seng PNG as its new chief operating officer.
China Nepstar Chain Drugstore Ltd (NYSE: 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 (OTC: 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.
