NEW YORK, May 21, 2015 /PRNewswire/ -- The fairness to shareholders of Omnicare, Inc.'s ("OCR" or the "Company") sale to CVS Health Corporation ("CVS") is being investigated by WeissLaw LLP. The investigation focuses on possible breaches of fiduciary duty and other violations of law by the Board of Directors of OCR. On May 21, 2015, CVS agreed to acquire OCR for $12.7 billion, inclusive of debt. Under the agreement, OCR shareholders will receive $98 in cash for each OCR share they own.
WeissLaw is investigating the OCR Board's failure to maximize shareholder value. Notably, at least one analyst set a price target of $104 per share, or $6.00 above the offer price. The offer price represents a premium of less than 4% over the Company May 20, 2015 closing price of $94.63. Moreover, the multiple to earnings being paid to Omnicare, the market leader in the institutional pharmacy industry, is less than that paid for another pharmacy benefits manager in March 2015.
Given these facts, WeissLaw is investigating whether OCR's Board acted in the best interests of OCR's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with the CVS. If you own OCR shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin or Kelly Keenan by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
SOURCE WeissLaw LLP