M&A Recap: Delta Looks at American, Penske Automotive UK Expansion

Omnicare’s (NYSE:OCR) proposed $716 million offer for fellow pharmacy provider PharMerica (NYSE:PMC), with a decision expected by the end of next week.  “The Federal Trade Commission is not offering Omnicare any remedies,” a source says, so it is not trying to look for ways to OK the transaction.

Delta Air Lines (NYSE:DAL) has hired Blackstone as an advisor to assess a bid for American Airlines and for the process, reports The Wall Street Journal.

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Raymond James (NYSE:RJF) is down following its agreement to purchase Morgan Keegan from Regions Financial (NYSE:RF), but Steve Stemach calls the deal an “inside-the-park home run.” RJF beefed up its wealth management operation at the right price thus taking advantage of Regions’ need to raise money to pay back its Troubled Asset Relief Program (TARP) loan, he says.

Penske Automotive (NYSE:PAG) expands its United Kingdom presence. The acquisition of a number of dealerships in Belfast has been made with Isaac Agnew Group. The company says the dealerships are expected to contribute approximately $500 million in annualized revenue, though terms were not disclosed.

Mountain Province Diamonds (AMEX:MDM) rises after announcing the spinoof of after of its Kennady North diamond project into a newly incorporated company, the new company will be named Kennady Diamonds, and the new shares will be distributed to shareholders on a pro rata basis.

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To contact the reporter on this story: Tanya Harding at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com