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Stocks P / PharMerica, Inc.


Subject:  BBC Buys Dose Date:  1/11/1999  10:56 AM
Author:  TMFAttila Number:  23 of 30

Bergen Brunswig will acquire 100% of the capital stock of PharMerica and give shareholders of PhrMerica a fixed exchange ratio of 0.275 of a share of Bergen Brunswig common stock for each share of PharMerica common stock. Bergen Brunswig will issue approximately 25 million shares in the merger and will convert PharMerica stock options into Bergen Brunswig options at the exchange ratio. Bergen Brunswig is expected to assume approximately $580 million of PharMerica's long-term debt. Based upon the closing stock price of Bergen Brunswig on January 8, 1999, the implied value of the transaction would be approximately $1.4 billion. PharMerica has 89.7 million fully diluted shares outstanding and upon completion of the
merger, PharMerica shareholders will own approximately 18% of the combined corporation on a fully diluted basis. To read the complete press release, highlight "news" in the data box to the right of the company name above.
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