Energy News / Shareholders Foundation, Inc.

PharMerica Corporation (NYSE:PMC) Investor Lawsuit Filed in Effort to Halt the Takeover

Via: ReleaseWire

Updated 11:00 AM CDT, Tue, September 19,2017

A lawsuit was filed for investors in shares of PharMerica Corporation (NYSE:PMC) in connection with the proposed takeover and NYSE:PMC stockholders should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 09/19/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of PharMerica Corporation (NYSE:PMC), filed a lawsuit in effort to halt the proposed takeover of PharMerica Corporation for $29.25 per share.

Investors who purchased shares of PharMerica Corporation (NYSE:PMC) and currently hold any of those NYSE:PMC shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:PMC stockholders by agreeing to sell PharMerica Corporation cheaply via an unfair process.

On August 2, 2017, PharMerica Corporation (NYSE:PMC) announced that it has entered into a merger agreement pursuant to which a newly formed company controlled by KKR, with Walgreens Boots Alliance, Inc. (Nasdaq:WBA) as a minority investor, will acquire PharMerica. Under the terms of the agreement, PharMerica Corporation (NYSE:PMC) shareholders will receive $29.25 in cash for each share of PharMerica common stock upon closing of the proposed transaction.

However, plaintiff claims that the proposed consideration NYSE:PMC shareholders will receive is grossly inadequate and undervalues PharMerica Corporation. Indeed, at least one analyst has set the high price target for NYSE:PMC shares at $31 per share. In addition, the plaintiff alleges that the process is also unfair NYSE:PMC stockholders.

Those who are current investors in PharMerica Corporation (NYSE:PMC) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/pharmerica-corporation-nysepmc-investor-lawsuit-filed-in-effort-to-halt-the-takeover-866866.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com