NEW YORK, May 22, 2015 /PRNewswire/ -- The proposed acquisition of Omnicare, Inc. ("OCR" or the "Company") by CVS Health Corporation ("CVS") is being investigated for possible breaches of fiduciary duty and other violations of law by the Board of Directors of OCR. On May 21, 2015, CVS announced it had entered into a definitive agreement to acquire OCR for $10.4 billion. Under the terms of the agreement, OCR shareholders will receive $98 in cash for each OCR share they own, representing a premium of less than 4% over the Company May 20, 2015 closing price of $94.63.
WeissLaw is investigating whether OCR's Board acted to maximize shareholder value prior to entering into the agreement. Notably, OCR recently announced positive financial results, reporting net sales increase of $ 1.66 million in the first quarter of this year, as compared to $1.57 million in the same period of the previous year. Additionally, the acquisition of OCR would expand CVS's presence in the rapidly growing specialty care business, a segment in which OCR has thrived, reporting a 20% increase in revenues to $1.67 billion in 2014.
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 stockinfo@weisslawllp.com.
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 stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP