Omnicare takes PharMerica acquisition bid to stockholders

COVINGTON, Ky. — Pharmaceutical services provider Omnicare is taking its bid to buy PharMerica hostile.

PharMerica, a Louisville, Ky.-based company that distributes drugs to long-term care centers, turned down Omnicare's offer last month, saying it undervalued the company. Omnicare, a Covington, Ky.-based company that also distributes drugs to long-term care centers and nursing homes, had offered $716 million, or $15 per share, which it said represented a 37.2% premium over PharMerica's closing stock price on Aug. 22.

"While it remains our strong preference to sit down with PharMerica's board of directors to negotiate a transaction, their refusal to do so has left us with no alternative but to take our offer directly to PharMerica's stockholders," Omnicare CEO John Figueroa said.