Omnicare Says Will Buyback Added $350M in Shares, Boost Dividend to $0.14 from $0.07

Omnicare, Inc.

, today announced that its board of directors has approved an additional $350 million in share repurchases, which brings the total available authorization of the share repurchase program to $498 million.  In addition, the board increased the quarterly cash dividend by 100% to $0.14 per share. Under the terms of Omnicare's share repurchase program, the Company is authorized to repurchase up to $350 million of outstanding shares of its common stock from time to time through December 31, 2014.  In addition, Omnicare has $148 million remaining under its existing share repurchase program, which is effective through February 28, 2014.  Taken together, the Company has approximately $498 million of available authorization for share repurchases as of September 11, 2012.