PharMerica Corporation (NYSE:PMC), a national provider of institutional pharmacy and hospital pharmacy management services, announced that its Board of Directors, after careful consideration with its independent financial and outside legal advisors, voted unanimously to reject the unsolicited tender offer made by Omnicare (NYSE:OCR) to acquire PharMerica for $15.00 per share in cash. The Board determined that the offer undervalues PharMerica and is not in the best interests of PharMerica’s stockholders. In addition to undervaluing PharMerica and its future prospects, the Board believes the offer is illusory because it is subject to significant regulatory and other uncertainty. The Board unanimously recommends that PharMerica stockholders reject Omnicare’s offer and not tender their shares to Omnicare.
The Board noted that the value offered by Omnicare is unchanged from the unsolicited proposal it first made privately on July 19, 2011 and subsequently made public on August 23, 2011.
�The PharMerica Board of Directors is unanimous in its well-informed belief that Omnicare�s offer is lacking in both price and certainty of closing,� said Gregory S. Weishar, PharMerica Chief Executive Officer. �The PharMerica Board believes that the continued pursuit of our strategic plan will yield greater value for PharMerica stockholders than the Omnicare offer. Omnicare also remains stubbornly unwilling to provide any assurance to PharMerica stockholders that it will be in a position to complete a transaction in a timely manner at any price — and despite its professed confidence in attaining regulatory approval refuses to take on the contractual risk of closing. The PharMerica Board strongly urges stockholders to reject Omnicare�s deficient offer and not to tender their shares to Omnicare.�
PharMerica Corporation is a leading institutional pharmacy services company servicing healthcare facilities in the United States. PharMerica operates institutional pharmacies in 44 states. PharMerica�s customers are institutional healthcare providers, such as nursing centers, assisted living facilities, hospitals and other long-term care providers. The Company also provides pharmacy management services to long-term care hospitals.
More about PMC at www.pharmerica.com
Good Times Restaurants Inc. (Nasdaq:GTIM) announced the return of its successful seasonal Sweet Potato Fries, which will be offered “Naked or Dusted” from now through the end of December.
Good Times Restaurants, Inc., through its subsidiary, Good Times Drive Thru Inc., engages in developing, owning, operating, and franchising hamburger-oriented drive-through restaurants under the Good Times Burgers & Frozen Custard name primarily in Colorado.
Enzo Biochem Inc. (ENZ)
Enzo Biochem, Inc., is a growth-oriented integrated life sciences and biotechnology company focused on harnessing biological process to develop research tools, diagnostics and therapeutics, and serves as a provider of test services, including exotic tests, to the medical community. Since ENZ was founded in 1976, their strategic focus has been on the development of enabling technologies in the life sciences field.
The biotechnology industry is diverse. Biotechnology works in the field of creating new solutions to pressing health, environmental and economic challenges. Biotechnology applies scientific disciplines including chemistry, engineering, and physics and computing to living organisms to create innovative products and techniques. Genetic modification of plants and animals is used by agricultural biotechnology firms to combat the growing challenges presented by drought and malnutrition, and to decrease the environmental impact of agriculture.
Innovative household and industrial products and techniques developed by industrial and environmental biotechnology industry provide new solutions for environmental contamination and clean-up, water purification, and biodegradable detergents and solvents.
Enzo Biochem Inc. recently announced that it has added four highly experienced executives at its Enzo Life Sciences subsidiary to focus on rapidly evolving new pharmaceutical and clinical applications.
The officers, all filling newly created positions, are Bruce Taillon, PhD, as head of global technology business development, John D’Errico, PhD, to lead the commercial merchandising operations, Kara Cannon, as head of global marketing and Paul Munger, PhD, to lead Global Manufacturing.
Over the past two years, Enzo has been engaged in enhancing the Life Sciences subsidiary’s operating performance through added capabilities, greater integration and a more focused product mix. These efforts are all aimed at significantly expanding Enzo’s presence and marketing beyond the traditional academic and research laboratory core to greater penetrate the pharmaceutical and clinical customer base with new and cutting edge platform technologies.
For more information about Enzo Biochem Inc. visit its website: http://www.enzo.com
Cleantech Transit, Inc. (CLNO)
Cleantech Transit Inc. was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. The Company has expanded its focus to invest directly in specific green projects. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech has selected to invest in Phoenix Energy (www.phoenixenergy.net). This project could benefit the Company’s manufacturing clients worldwide.
Cleantech Transit, Inc. (CLNO) is pleased to announce it has met its funding requirement to secure the Company’s ability to earn in 25% of the 500KW Merced Project.
The Company is in the final stages of closing its initial interest in the Merced Project and is currently working on completing the necessary documentation and expects closing the transaction soon. As previously announced Cleantech has the option to earn up to 40% of the Merced Project and the Company plans to continue to work towards increasing its interest in the Merced Project as they move ahead.
Environmental benefits of biomass fuels are:
” Biomass fuels produce virtually no sulfur emissions, and help mitigate acid rain.
” Biomass fuels “recycle” atmospheric carbon, minimizing global warming impacts since zero “net” carbon dioxide is emitted during biomass combustion, i.e. the amount of carbon dioxide emitted is equal to the amount absorbed from the atmosphere during the biomass growth phase.
” The recycling of biomass wastes mitigates the need to create new landfills and extends the life of existing landfills.
” Biomass combustion produces less ash than coal, and reduces ash disposal costs and landfill space requirements. The biomass ash can also is used as a soil amendment in farm land.
” Energy crops (grasses and trees) have distinctly lower environmental impacts than conventional farm crops. Energy crops require less fertilization and herbicides and provide greater vegetative cover throughout the year, providing protection against soil erosion and watershed quality deterioration, as well as improved wildlife cover.
” Landfill gas-to-energy projects turn methane emissions from landfills into useful energy.
For more information about Cleantech Transit, Inc. visit its website www.cleantechtransitinc.com
Capstone Turbine Corp. (Nasdaq:CPST) announced that microturbines are now eligible for California’s Self Generation Incentive Program (SGIP), an incentive program designed to promote the deployment of distributed generation technologies that reduce greenhouse gases.
Capstone Turbine Corporation develops, manufactures, markets, and services turbine generator sets and related parts for use in stationary distributed power generation applications.
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