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CVS's $98 per share offer represents a premium of 4 percent to
Omnicare's closing price on Wednesday.
Omnicare's stock had risen 9.5 percent since April 30 when
Bloomberg reported that the company was fielding takeover
interest.
Omnicare's shares rose 1.4 percent to $96 in premarket trading
on Thursday. CVS stock was up about 2 percent at $103 in light
trading.
CVS said the deal valued Omnicare at about $12.7 billion,
including debt of about $2.3 billion.
Reuters reported on Wednesday that CVS was nearing a deal to buy
Omnicare for more than $12 billion.
CVS said it expects the deal to add about 20 cents to adjusted
earnings per share in 2016.
Barclays and Evercore are CVS's financial advisers, while Bank
of America Merrill Lynch and Centerview Partners advised
Omnicare.
CVS's legal adviser is Sullivan & Cromwell LLP, while White &
Case LLP served as Omnicare's legal counsel.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by
Sriraj Kalluvila)
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