UPDATE: Omnicare Announces Expiration of Its Tender Offer to Acquire PharMerica

Omnicare, Inc. OCR today announced that it has allowed its tender offer to acquire all of the outstanding shares of PharMerica Corporation PMC common stock for $15.00 per share in cash to expire at 5:00 p.m., New York City time on February 17, 2012. At the expiration of the offer, certain conditions to the offer had not been satisfied and Omnicare had not waived those conditions. No shares of common stock of PharMerica were purchased by Omnicare pursuant to the offer, and all tendered shares will be returned promptly. Omnicare issued the following statement: "While we continue to strongly disagree with the FTC's decision to seek to block the proposed transaction, we do not believe it is prudent to invest significant time and money in a lawsuit at this time. Throughout this process we made a good faith effort to reach a resolution with the FTC and put forth a number of reasonable solutions. After careful consideration, including the rejection of our offers to resolve the alleged concerns through a consent agreement that encompassed divestitures, and a review of Omnicare's many other compelling growth opportunities, we have concluded that it is in the best interests of Omnicare shareholders, customers and employees to allow the tender offer to expire.