Last Monday, NCS HealthCare Inc. became the center of what could be a bidding war-maybe. When NCS announced its planned $340 million takeout by Genesis Health Ventures Inc., another long-term care services company revealed its M&A hand and then a few days later increased its bid. Covington, Ky.-based Omnicare Inc., one of the few healthy players in the sector, reiterated its offer, in a July 28 letter, to purchase NCS for $3 per share in cash. A July 29 release contained Omnicare Chief Executive Officer Joel Gemunder’s letter, which noted $2 billion market cap Omnicare’s “disappointment that NCS and its representatives have continued to refuse to meet with us to discuss our proposal to acquire NCS.”
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