The proposed transaction, announced last month, remains subject to approval by the Delaware District of the U.S. Bankruptcy Court, the satisfaction of conditions set forth in the purchase agreement and other regulatory approvals.
Louisville-based PharMerica (NYSE: PMC) operates 90 institutional pharmacies in 41 states. Its customers includes nursing centers, assisted-living facilities and hospitals.
Long Beach, N.Y.-based Chem Rx, a long-term-care pharmacy company doing business in New York, New Jersey, Pennsylvania and Florida, filed for bankruptcy protection in May.
WE REMAIN VERY BULLISH ON CHRXQ!
(NYSE: PMC). PMC:NYSE files 8K to buy Chem Rx Corp. (CHRXQ: OTC for $70.6 million, and assume all debt!
While entering a stalking horse offer, CHRXQ can offer bidding protections to PharMerica Corp. before the auction. These incentives enhance the value of the offering for PharMerica which might lead to a better price offer before the auction begins which would benefit CHRXQ share holders.
WHICH IT DID!! When news hit on last Monday, Sept. 27, CHRXQ exploded for high of .17. (a gain of 183% when we alerted at .06). Thursday, Sept. 30, CHRXQ hit a day low of .015, but rocketed up to .07 on Friday, Oct. 1, for a triple digit gain (ALL OF THIS ON VERY LOW VOLUMES)- providing an attractive entry point for Spartan investors.
The buzz around this savvy investment is growing very quickly and we won’t be surprised and expect to start seeing some huge blocks go through at the ask, which would take this stock back to $3.00-$5.00 in one whack!Today PharMerica annouced that they have approval from the federal antitrust authorities. Which meansd the deal can move on to the next approval process!
Keep in mind, all of this was done with VERY LOW VOLUMES. Plus, CHRXQ and PharMerica Corp (PMC) have yet to address shareholders of what this means but a PR is expected soon. Coupled with the added exposure and buzz CHRXQ is getting, we expect to witness another bolting THOROUGHBRED run to finish, which just may be somewhere in the $3.00 to $6.00 range.
EVENTS
PharMerica CorporationEVENTS
Chem Rx(CHRXQ) has 13,791,866 shares on record as of August 13, 2008. With a cash offer of $70.6 million for all operations equipment, employees, with all debt being acquired PharMerica, that’s a Cash offer.
Sales price per share details have not yet been released, but when you see words like “stalking horse”, and see a series of SEC forms being filed by both companies it sets off radars. We started digging and everything mentioned here is taken from both of the company’s most recent SEC filings. See links below.
We find it very interested that the only thing not mentioned is the sale price in relation to shares, with a $70.6 million dollar offer, and with zero debt obligations at 13.7Million shares, we did the Math and our eyes got huge too$$$$
To clarify, “a stalking horse” asset purchase agreement refers to an attempt by CHRXQ to test the market in advance of a court-approved auction. The intent is to maximize the value of its assets as part of, or before a bankruptcy court-approved auction process.
ChemRx (CHRXQ) management is attempting to make a swift move here to maximize the value of its assets to obtain a higher buyout offer per share!!
With low volumes and pending news ahead, it’s best to catch this wave before it starts. Spartans have been buying the dips since the first News Release and when CHRXQ’s “stalking horse” becomes a thoroughbred, Spartan Traders will cross the finish line with some winnable profits!
~Spartan~
~Spartan~
Please allow yourself to do your due diligence at the company’s website, http://www.chemrx.net/.
Current filings
Company Info
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