Paramount stockholders approve acquisition of Chem Rx

By Lisa Kerner

Charlotte, N.C., Oct. 22 - Paramount Acquisition Corp. shareholders voted to approve the company's acquisition of B.J.K. Inc., a corporation doing business as Chem Rx, at a special meeting held Monday. The transaction is slated to close by Friday.

Of the 11,091,153 Paramount shares of common stock that were voted, 10,393,068, or some 87.3% of the total shares outstanding, were voted in favor of the deal, a company news release stated.

Paramount previously announced it would acquire Chem Rx for $133 million in cash and will issue 2.5 million shares of Paramount common stock to the selling shareholders.

In addition, the selling shareholders will be entitled to an additional consideration of up to $12.5 million cash and 9 million shares of Paramount common stock upon the achievement of certain financial and share price milestones between 2007 and 2011.

Chem Rx is a Long Beach, N.Y.-based long-term care pharmacy. Paramount Acquisition is a New York-based special-purpose acquisition corporation.

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