Omnicare Offers to Buy NeighborCare
From Reuters
Omnicare Inc., a provider of prescription drugs to nursing homes, made an unsolicited offer to buy rival NeighborCare Inc. for $1.35 billion to expand its geographic reach and boost profit.
The offer of $30 a share in cash represents a premium of 70% over NeighborCare’s closing stock price Friday of $17.67. The shares rose $10.24, or 58%, to $27.91 on Nasdaq.
NeighborCare said its board had rejected a previous offer from Omnicare but would review the latest proposal. The deal would be worth $1.5 billion, including NeighborCare debt that would be assumed by Omnicare.
Omnicare shares rose $1.45, or 4%, to $40.60 on the NYSE.
