Why PharMerica Stock Is Soaring Today

Following word that private equity firm KKR (NYSE: KKR) will acquire the company for $29.25 per share in cash (plus the assumption or repayment of debt), shares of PharMerica Corporation (NYSE: PMC) are soaring today, up 15.4% as of 12:05 p.m. EDT.

PharMerica manages pharmacy programs for 15% of the country's nursing homes. Last fall, reports surfaced that PharMerica was open to being acquired.

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Source: Fool.com