Published on July 3, 2012 at 2:12 AM
PharMerica Corporation (NYSE: PMC), a national provider of institutional
pharmacy and hospital pharmacy management services, today announced that
its Board of Directors has authorized an increase in its existing share
purchase program that will allow the Company to purchase up to $25
million of its common stock in the open market through unsolicited or
solicited privately negotiated transactions, or in such other
appropriate manner, and will be funded from available cash.
The amount and timing of the purchases will be determined by the
Company's management and will depend on a variety of factors including
price, corporate and regulatory requirements, capital availability and
other market conditions. Common stock acquired through the share
purchase program will be held as treasury shares and may be used for
general corporate purposes.
Commenting on this action, Gregory S. Weishar, Chief Executive Officer
of PharMerica Corporation, noted, "We remain confident in PharMerica's
long-term growth prospects. Given the market dynamics following the
termination of the tender offer, we see the Company's stock as
significantly undervalued, giving us a unique opportunity to drive
shareholder value."
The Company will provide an update regarding purchases made under the
purchase program when it reports its results of operations for the
quarter ended June 30, 2012.
Source: PharMerica