NEW YORK (AP) — Omnicare Inc. on Tuesday went public with a $457 million offer for pharmacy management services company PharMerica Corp., sending shares of both companies surging.
Omnicare dispenses drugs for nursing homes and other long-term care centers. It said Omnicare CEO John Figueroa said in a letter sent Tuesday to the PharMerica board that its CEO, Gregory Weishar, approached him about exploring a combination of the companies back in April, and Figueroa expressed interest to Weishar several times. PharMerica's CEO was not named in the letter.
Figueroa wrote that PharMerica then refused to start negotiations. Omnicare's all-cash bid values PharMerica at $15 per share, a premium of 37 percent based on Monday's closing price of PharMerica shares. PharMerica has traded between $6.88 and $14.80 over the past year. Counting PharMerica's debt, Omnicare values the deal at about $716 million.
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