|FTC will likely block Omnicare bid for PharMerica; Gilead Completes Tender Offer for All Outstanding Shares Of Pharmasset|
|By Staff and Wire Reports|
|Thursday, 12 January 2012 19:43|
In a surprise move, the FTC is expected to veto Omnicare’s (NYSE:OCR) $716M bid for rival PharMerica (NYSE:PMC) — a takeover that would have solidified Omnicare as top dog in the $13B market for pharmaceutical services. The Obama administration is likely going to block a proposed $716 million offer by geriatric-pharmacy provider Omnicare for PharMerica, a source close to the situation said.
A decision from the FTC on the offer to purchase PharMerica, a Louisville-based provider of pharmacy services in hospitals, is expected by the end of next week, the source said.
“The FTC is not offering Omnicare any remedies,” the source said, so it is not trying to find a way to approve the deal. Omnicare, based in nearby Covington, Ky., and PharMerica are the country’s two biggest companies that essentially act as pharmacies to patients in nursing homes and assisted-living centers.
Yesterday, Omnicare said it would not consummate its $15 a share offer until the FTC says it has reached the end of its investigation. Omnicare’s shares closed yesterday at $33.56, and PharMerica at $14.97.
Gilead Sciences, Inc. (NASDAQ:GILD) announced the completion of the tender offer by its wholly owned subsidiary, Royal Merger Sub II Inc. (Merger Sub II), for all of the outstanding shares of common stock of Pharmasset, Inc. (NASDAQ:VRUS) at a price of $137 per share, net to the seller in cash (less any required withholding taxes and without interest).
As a result of the purchase of shares in the tender offer, Merger Sub II has sufficient voting power to approve the merger without the affirmative vote of any other Pharmasset stockholder. Following the merger, Pharmasset will become a wholly-owned subsidiary of Gilead, and each share of Pharmasset’s outstanding common stock will be cancelled and converted into the right to receive the same consideration, without interest, received by holders who tendered in the tender offer.
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