NEW YORK (AP) — Omnicare Inc. said Tuesday it is giving up on its hostile bid to acquired fellow long-term pharmacy operator PharMerica Corp. after antitrust regulators opposed the deal.

Omnicare, of Covington, Ky., said Tuesday that it had allowed its tender offer for PharMerica shares to expire Friday. It did not buy any stock in PharMerica and all shares tendered will be returned.

PharMerica had always opposed the deal, which valued it at $457 million, or $15 per share.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Core and Group Health