Omnicare drops bid for PharMerica

By CPI | February 21, 2012

Less than a month after the FTC’s complaint seeking to block the proposed acquisition, Omnicare has dropped its hostile bid of PharMerica. Omnicare’s tender offer of $15 per PharMerica share expired on February 17.

PharMerica had consistently argued that Omnicare’s bid undervalued PharMerica; it was also wary of the antitrust concerns raised by the acquisition.