Omnicare Announces $250 Million Accelerated Share Repurchase Program
(Thomson Reuters ONE) -
CINCINNATI, November 29, 2012 - Omnicare, Inc. (NYSE: OCR) today announced it
has entered into an Accelerated Share Repurchase (ASR) agreement with Goldman,
Sachs & Co. to repurchase an aggregate of $250 million of the Company's common
stock. The ASR is part of the Omnicare's existing share repurchase program,
which had approximately $498 million available as of September 30, 2012.
"Returning value to shareholders is a key component of our capital allocation
program," said Rocky Kraft, Omnicare's Chief Financial Officer. "This
accelerated share repurchase program is a strong statement about the long-term
prospects of the Company. At the same time, this program is consistent with the
capital allocation plans we have put in place to achieve our previously targeted
high single digit cash EPS compound annual growth rate for the two-year period
ending 2013."
Under the ASR agreement, Omnicare will receive approximately 5.8 million shares
at the inception of the ASR. The total number of shares ultimately repurchased
under the agreement will be determined upon final settlement, using prices based
generally on the average of the daily volume-weighted average price of the
Company's common stock over a period of time expected to end in the first half
of 2013.
The ASR will be funded through existing cash on hand and/or cash flows from
operations.
About Omnicare
Omnicare, Inc., a Fortune 400 company based in Cincinnati, Ohio, provides
comprehensive pharmaceutical services to patients and providers across North
America. As the market-leader in professional pharmacy, related consulting and
data management services for skilled nursing, assisted living and other chronic
care institutions, Omnicare leverages its unparalleled clinical insight into the
geriatric market along with some of the industry's most innovative technological
capabilities to the benefit of its long-term care customers. Omnicare also
provides key commercialization services for the bio-pharmaceutical industry and
end-of-life disease management through its Specialty Care Group. For more
information, visit www.omnicare.com.
# # #
Contact:
Media:
Ed Loyd
(513) 719-0808
Ed.loyd(at)omnicare.com
Investors:
Patrick C. Lee
(513) 719-1507
patrick.lee(at)omnicare.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Omnicare via Thomson Reuters ONE
[HUG#1661253]
Unternehmensinformation / Kurzprofil:
Datum: 29.11.2012 - 14:30 Uhr
Sprache: Deutsch
News-ID 208163
Anzahl Zeichen: 3161
contact information:
Town:
Covington, KY
Kategorie:
Business News
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