Omnicare drops bid for PharMerica

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Omnicare has officially ended its attempt to absorb PharMerica Corp. The reversal comes less than a month after federal regulators attempted to block the deal. Officials said the merger would have created an institutional pharmacy company that reaches nearly 60% of the nation's nursing home beds. PharMerica has repeatedly tried to prevent the takeover since it was announced last year. PharMerica countered that the offer was insufficient and was unlikely to survive antitrust scrutiny.