Market Overview

PharMerica Down 13% on FTC Decision to Block Hostile Takeover

Share:

PharMerica Corporation (NYSE: PMC) is trading lower today following the FTC decision to block a hostile takeover bid by Omnicare (NYSE: 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%.

Posted-In: Intraday Update Movers

 

Related Articles (OCR + PMC)

View Comments and Join the Discussion!
Lightning Fast
Market News Service
$199 Free 14 Day Trial
Book A Demo
Learn How You Can Succeed In The Market With Benzinga Pro

Fastest Market News

Real-Time News Alerts

Customizable News Filters

Book A Demo

EMCORE Plummeting on Reverse Stock Split Announcement

Wunderlich Securities Maintains Buy, $7 PT on Abraxas Petroleum