Genesis Waives On NCS to Talk to Omnicare

Last Thursday, NCS HealthCare Inc. filed a 14D-9 which stated that its $340 million takeout partner, Genesis Health Ventures Inc., had granted NCS a waiver allowing it to negotiate with Omnicare Inc. But, what one hand offers, the other threatens to take away. Later the filing says, “given the provisions of the Genesis merger agreement and the voting agreements, the NCS board believes it is unlikely that a business combination with Omnicare may be consummated.” A source close to Omnicare said, “Omnicare wants to be sure there will be serious talks and not just window dressing for the court.”