Omnicare proposes to buy PharMerica's outstanding shares

The all cash proposal is a 37.2 percent premium over PharMerica's closing stock price on Aug. 22, 2011.

In addition it represents a 25.9 percent premium over the average closing price for the one-month period ended August 22, 2011.

John Figueroa, chief executive officer of Omnicare, said "PharMerica represents an excellent strategic fit for Omnicare. We believe this proposal presents a compelling opportunity for PharMerica stockholders to realize value for their shares not likely to be available in the market place or in other business combination opportunities. Bringing together our complementary businesses would enable the combined company to benefit from enhanced scale and operational efficiencies, and a broader array of service offerings”.

He further added that their proposal was in compliance with the attempt made by the country to lessen the overall health care costs.

Separately, the company last week announced the appointment of Kathleen McGuan as senior vice president and chief compliance officer.

Acting as a key contributor McGuan will report directly to Omnicare's board of directors and John Figueroa, company's chief executive officer.