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PharMerica Poison Pill Gets Biggest Takeover Increase: Real M&A

PharMerica Corp. is poised to secure the biggest takeover price increase in America after rejecting Omnicare Inc.’s advances and embracing a poison pill defense against hostile acquirers.

After PharMerica shunned Omnicare’s $15-a-share proposal in August to combine the two largest U.S. distributors of medical drugs for nursing homes and hospitals, the companies agreed last month to share data regarding the deal’s antitrust risks. PharMerica closed 5.3 percent higher than the cash bid yesterday, indicating traders are betting on a steeper price increase than any other all-cash takeover in the U.S. greater than $500 million, according to data compiled by Bloomberg.