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Omnicare, Inc. (NYSE:OCR) Investor FiledLawsuit Over Alleged Wrongdoing In Acquisition By CVS Health Corporation

  • If you purchased shares of Omnicare, Inc. (NYSE:OCR) and currently hold any of those NYSE:OCR shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Omnicare, Inc.
Security
NYSE: OCR

Case Name
Omnicare Deal Case 06/08/2015
Type of Lawsuit
Mergers and Acquisition
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Summary

June 9, 2015 (Shareholders Foundation) - An investor who currently holds shares of Omnicare, Inc. (NYSE:OCR), filed a lawsuit in effort to halt the proposed takeover of Omnicare, Inc. by CVS Health Corporation for $104 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:OCR stockholders by agreeing to sell Omnicare, Inc too cheaply via an unfair process to CVS Health Corporation.

On May 21, 2015, CVS Health Corporation (NYSE:CVS) and Omnicare, Inc. (NYSE:OCR) announced that they have entered into an agreement for CVS Health to acquire Omnicare, Inc. (NYSE:OCR) for $98.00 per share in cash, for a total enterprise value of approximately$12.7 billion, which includes approximately $2.3 billion in debt.

However, the plaintiff claims that the proposed consideration NYSE:OCR unitholders will receive is grossly inadequate and undervalues Omnicare, Inc. Indeed, at least one analyst has set its high target price for NYSE:OCR shares at $104.00 per share. Furthermore, Omnicare, Inc. reported that its annual Total Revenue rose from over $6.01 billion in 2013 to over $6.41 billion in 2014 and that its Net Loss of $43.43 million in 2013 turned into a Net Income of $144.53 million in 2014. Shares of Omnicare, Inc. (NYSE:OCR) grew from $6.042 per share in October 2014 to as high as $95.09 per share on May 20, 2015. In addition, the plaintiff claims that the process is also unfair to NYSE:OCR stockholders.