NeighborCare forces conversion of preferreds

New York, Dec. 19 - NeighborCare, Inc. said it is exercising its option to convert its series A participating convertible preferred stock into common stock.

Holders will receive 8.9375 shares of common stock for each share of preferred stock.

The conversion price was adjusted to $12.60 from $20.33 following NeighborCare's recent spin off from Genesis Health Ventures, Inc.

Similarly, the mandatory conversion threshold was cut to $18.60 from $30.00.

The Baltimore institutional pharmacy provider's stock has traded above the trigger price for 20 days, giving it the right to force conversion.

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