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Tuesday, February 21, 2012

Omnicare drops hostile pursuit of PharMerica, (NYSE: OCR)

Pharmacy services provider Omnicare Inc dropped its pursuit of rival PharMerica Corp after U.S. antitrust regulators sued Omnicare last month saying the deal would harm competition. Omnicare, which offered to purchase PharMerica for about $441 milion in August but was rejected by the smaller peer saying the bid undervalued PharMerica, said its tender offer to acquire PharMerica's shares expired on Feb. 17."While we continue to strongly disagree with the Federal Trade Commission'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," Omnicare said in a statement.On Jan. 30, PharMerica had said it hoped Omnicare would end its hostile pursuit after the FTC sued Omnicare.

Omnicare, Inc. (Omnicare) is a pharmaceutical services company. Shares of OCR remained unchanged at $34.74. In the past year, the shares have traded as low as $20.36 and as high as $35.87. On average, 1770180 shares of OCR exchange hands on a given day and today's volume is recorded at 0.



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