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PharMerica hopes Omnicare will abandon bid after FTC decision.

M2 PHARMA-January 30, 2012-PharMerica hopes Omnicare will abandon bid after FTC decision(C)2012 M2 COMMUNICATIONS

30 January 2012 - US pharmacy services provider PharMerica Corp (NYSE:PMC) on Monday expressed hope that rival Omnicare Inc (NYSE:OCR) will drop its USD441m (EUR337m) hostile takeover offer for the company after the US Federal Trade Commission (FTC) moved to block it.

"As we have said from the beginning, we believed antitrust clearance would be difficult to achieve and, with that belief now confirmed, we hope that Omnicare will end its hostile pursuit of PharMerica," the latter's CEO, Gregory Weishar, said in a statement.

On Friday, the FTC said a potential deal would harm competition and pave the way for higher drug prices.

In August 2011, Omnicare made a public takeover offer that valued PharMerica at USD716m, including net debt. The bid, however, has been turned down twice by the target company, which also adopted a poison pill to avoid hostile takeovers.

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Publication:M2 Pharma
Date:Jan 30, 2012
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