Option Care's 37% buyout premium is measured from a close 36% below its January high
CD&R and McKesson agreed to buy Option Care Health for $32.05 a share in cash, the companies said Oct. 6. The price is below every close the stock posted from Jan. 13 through Feb. 25.
KeyVex News··6 min readFact-checked against 11 public recordsKeyVex News··6 min readFact-checked against 11 public records
OPCH$23.37▲ 3.2%Close, Oct. 5. Prices from Tiingo.The short versionTap to readTap to close
- A takeover premium is measured from the stock's last close. Option Care's, $23.37 on Oct. 5, was 36% below its Jan. 22 high of $36.59.
- So the $32.05 deal price is 37% above that close but 12% below the high. Every close from Jan. 13 through Feb. 25 was higher than $32.05.
- Option Care bought $17.5 million of its own shares in January, at an average of $33.16, above the deal price. In May, after its April 30 forecast cut, it bought $150 million at $20.41.
- McKesson invests about $1.4 billion for about 49% of Option Care, and the deal sets up a framework for it to buy the rest later. The companies have not given its terms.
- Next: third-quarter results on Nov. 4, with no conference call. Option Care has withdrawn its 2026 forecast.
The deal: The private equity firm Clayton, Dubilier & Rice, or CD&R, and the drug distributor McKesson agreed on Oct. 5 to buy Option Care Health, the companies said Oct. 6.8-KReleaseReuters Option Care calls itself the largest independent U.S. provider of infusion services at home and at sites outside hospitals.Release Shareholders would get $32.05 a share in cash, 37% above the stock's Oct. 5 close of $23.37.8-KChart data The companies put the deal's total value, including debt, at about $5.8 billion.Release
The year: That close was a low base: 36% below the stock's Jan. 22 close of $36.59, its highest since September 2013, adjusted for a 2020 reverse split.Chart data On April 30, before the open, the company cut its 2026 revenue forecast.Q1 release The stock's lowest close of the year, $19.52, came on May 15.Chart data
Why it matters: Measured from the Jan. 22 high instead of the Oct. 5 close, $32.05 is 12% lower.Chart data It is also below the $33.16 a share Option Care paid for its own stock in January, though most of its buying in the first half came in May, at $20.41.Q1 10-QQ2 10-Q The board "unanimously concluded this transaction maximizes value for our stockholders," Option Care's chairman, Harry Kraemer, said.Release
Option Care Health's stock and the story's key datesDaily close, Jan. 2 to Oct. 5, 2026 ▼ 27.5%Show chartHide chart
- 1Jan. 12, 2026 A 2026 forecast and a bigger buyback, after the close. Revenue of $5.8 billion to $6.0 billion forecast; the buyback authorization doubles to $1 billion. The stock had closed at $32.06.
- 2Jan. 22, 2026 The highest close. $36.59, the highest close since September 2013, adjusted for a 2020 reverse split. In January the company paid an average of $33.16 a share for its own stock.
- 3April 30, 2026 Revenue forecast cut. First-quarter results; the 2026 revenue forecast falls to $5.675 billion to $5.775 billion. The stock closes at $20.33, down 24.3%.
- 4May 15, 2026 The year's lowest close. $19.52. In May the company bought 7.35 million of its own shares at an average of $20.41.
- 5July 29, 2026 Second-quarter results. Revenue up 1.9%; the revenue forecast stays at $5.675 billion to $5.775 billion. The stock closes at $23.93.
- 6Oct. 5, 2026 The merger agreement is signed. The stock closes at $23.37. The deal, announced before the open on Oct. 6, would pay $32.05 a share.
View the data (190 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-05 | $23.37 | +3.2% |
| 2026-10-02 | $22.64 | +0.3% |
| 2026-10-01 | $22.58 | +0.4% |
| 2026-09-30 | $22.49 | −1.4% |
| 2026-09-29 | $22.81 | −0.4% |
| 2026-09-28 | $22.90 | −0.7% |
| 2026-09-25 | $23.07 | +0.6% |
| 2026-09-24 | $22.94 | −1.7% |
| 2026-09-23 | $23.34 | −2.3% |
| 2026-09-22 | $23.90 | −0.2% |
| 2026-09-21 | $23.95 | −1.4% |
| 2026-09-18 | $24.30 | −0.8% |
| 2026-09-17 | $24.50 | +0.1% |
| 2026-09-16 | $24.47 | +4.0% |
| 2026-09-15 | $23.52 | −2.0% |
| 2026-09-14 | $23.99 | +2.2% |
| 2026-09-11 | $23.48 | −0.6% |
| 2026-09-10 | $23.63 | 0.0% |
| 2026-09-09 | $23.64 | −0.4% |
| 2026-09-08 | $23.74 | −1.9% |
| 2026-09-04 | $24.21 | −1.0% |
| 2026-09-03 | $24.46 | +2.6% |
| 2026-09-02 | $23.85 | +0.9% |
| 2026-09-01 | $23.64 | +0.8% |
| 2026-08-31 | $23.45 | −1.9% |
| 2026-08-28 | $23.90 | −0.3% |
| 2026-08-27 | $23.98 | −0.2% |
| 2026-08-26 | $24.04 | +1.7% |
| 2026-08-25 | $23.64 | −0.1% |
| 2026-08-24 | $23.67 | −0.1% |
| 2026-08-21 | $23.70 | +0.9% |
| 2026-08-20 | $23.49 | +0.6% |
| 2026-08-19 | $23.35 | −0.3% |
| 2026-08-18 | $23.41 | +0.2% |
| 2026-08-17 | $23.37 | −2.4% |
| 2026-08-14 | $23.95 | −0.5% |
| 2026-08-13 | $24.07 | +1.0% |
| 2026-08-12 | $23.84 | −1.0% |
| 2026-08-11 | $24.08 | −1.7% |
| 2026-08-10 | $24.50 | +3.0% |
| 2026-08-07 | $23.79 | +0.7% |
| 2026-08-06 | $23.63 | −0.3% |
| 2026-08-05 | $23.70 | 0.0% |
| 2026-08-04 | $23.69 | 0.0% |
| 2026-08-03 | $23.70 | +2.9% |
| 2026-07-31 | $23.03 | +2.5% |
| 2026-07-30 | $22.46 | −6.1% |
| 2026-07-29 | $23.93 | +6.5% |
| 2026-07-28 | $22.48 | +3.1% |
| 2026-07-27 | $21.81 | +0.7% |
| 2026-07-24 | $21.66 | +2.8% |
| 2026-07-23 | $21.08 | −0.3% |
| 2026-07-22 | $21.15 | −2.4% |
| 2026-07-21 | $21.67 | −0.4% |
| 2026-07-20 | $21.75 | 0.0% |
| 2026-07-17 | $21.74 | −1.6% |
| 2026-07-16 | $22.10 | 0.0% |
| 2026-07-15 | $22.09 | +3.5% |
| 2026-07-14 | $21.35 | −1.6% |
| 2026-07-13 | $21.70 | +0.6% |
| 2026-07-10 | $21.57 | −0.5% |
| 2026-07-09 | $21.67 | +0.9% |
| 2026-07-08 | $21.47 | −0.5% |
| 2026-07-07 | $21.57 | +1.0% |
| 2026-07-06 | $21.36 | −2.5% |
| 2026-07-02 | $21.90 | +4.1% |
| 2026-07-01 | $21.04 | +0.3% |
| 2026-06-30 | $20.97 | −1.6% |
| 2026-06-29 | $21.32 | −2.3% |
| 2026-06-26 | $21.82 | +1.6% |
| 2026-06-25 | $21.48 | −2.4% |
| 2026-06-24 | $22.01 | +0.2% |
| 2026-06-23 | $21.97 | +3.1% |
| 2026-06-22 | $21.30 | −3.1% |
| 2026-06-18 | $21.99 | +1.3% |
| 2026-06-17 | $21.71 | +0.4% |
| 2026-06-16 | $21.62 | +1.8% |
| 2026-06-15 | $21.23 | +2.3% |
| 2026-06-12 | $20.76 | −0.1% |
| 2026-06-11 | $20.78 | −2.8% |
| 2026-06-10 | $21.38 | +1.3% |
| 2026-06-09 | $21.11 | +5.1% |
| 2026-06-08 | $20.08 | −2.1% |
| 2026-06-05 | $20.51 | +2.2% |
| 2026-06-04 | $20.07 | −2.2% |
| 2026-06-03 | $20.53 | 0.0% |
| 2026-06-02 | $20.54 | +0.4% |
| 2026-06-01 | $20.46 | −2.0% |
| 2026-05-29 | $20.87 | −3.3% |
| 2026-05-28 | $21.58 | −0.3% |
| 2026-05-27 | $21.64 | +1.4% |
| 2026-05-26 | $21.35 | +2.0% |
| 2026-05-22 | $20.93 | −2.7% |
| 2026-05-21 | $21.52 | −3.2% |
| 2026-05-20 | $22.23 | +6.6% |
| 2026-05-19 | $20.86 | +5.9% |
| 2026-05-18 | $19.69 | +0.9% |
| 2026-05-15 | $19.52 | −2.2% |
| 2026-05-14 | $19.95 | +0.9% |
| 2026-05-13 | $19.78 | +1.0% |
| 2026-05-12 | $19.59 | −1.2% |
| 2026-05-11 | $19.83 | −3.3% |
| 2026-05-08 | $20.51 | −1.2% |
| 2026-05-07 | $20.75 | +1.5% |
| 2026-05-06 | $20.45 | −4.0% |
| 2026-05-05 | $21.30 | +0.8% |
| 2026-05-04 | $21.14 | +5.5% |
| 2026-05-01 | $20.03 | −1.5% |
| 2026-04-30 | $20.33 | −24.3% |
| 2026-04-29 | $26.87 | −3.2% |
| 2026-04-28 | $27.77 | −0.6% |
| 2026-04-27 | $27.93 | −1.7% |
| 2026-04-24 | $28.40 | −0.5% |
| 2026-04-23 | $28.54 | +0.6% |
| 2026-04-22 | $28.38 | +1.2% |
| 2026-04-21 | $28.05 | −2.5% |
| 2026-04-20 | $28.77 | −0.2% |
| 2026-04-17 | $28.82 | +1.7% |
| 2026-04-16 | $28.33 | 0.0% |
| 2026-04-15 | $28.34 | +1.6% |
| 2026-04-14 | $27.90 | −3.6% |
| 2026-04-13 | $28.93 | −0.2% |
| 2026-04-10 | $29.00 | −1.6% |
| 2026-04-09 | $29.47 | +1.1% |
| 2026-04-08 | $29.16 | +5.1% |
| 2026-04-07 | $27.74 | 0.0% |
| 2026-04-06 | $27.73 | +0.9% |
| 2026-04-02 | $27.47 | +3.7% |
| 2026-04-01 | $26.49 | −1.6% |
| 2026-03-31 | $26.92 | −0.3% |
| 2026-03-30 | $27.00 | −1.0% |
| 2026-03-27 | $27.27 | −1.7% |
| 2026-03-26 | $27.75 | −2.6% |
| 2026-03-25 | $28.49 | +0.3% |
| 2026-03-24 | $28.41 | 0.0% |
| 2026-03-23 | $28.41 | +0.9% |
| 2026-03-20 | $28.16 | −3.3% |
| 2026-03-19 | $29.13 | −1.8% |
| 2026-03-18 | $29.66 | −0.3% |
| 2026-03-17 | $29.75 | +1.2% |
| 2026-03-16 | $29.40 | +0.4% |
| 2026-03-13 | $29.29 | −0.3% |
| 2026-03-12 | $29.39 | −1.3% |
| 2026-03-11 | $29.78 | +0.6% |
| 2026-03-10 | $29.61 | −0.2% |
| 2026-03-09 | $29.67 | −0.6% |
| 2026-03-06 | $29.84 | −2.0% |
| 2026-03-05 | $30.46 | −0.8% |
| 2026-03-04 | $30.72 | −1.5% |
| 2026-03-03 | $31.20 | −1.3% |
| 2026-03-02 | $31.60 | −2.6% |
| 2026-02-27 | $32.46 | +1.8% |
| 2026-02-26 | $31.89 | −5.1% |
| 2026-02-25 | $33.60 | −0.6% |
| 2026-02-24 | $33.81 | −6.3% |
| 2026-02-23 | $36.09 | +1.1% |
| 2026-02-20 | $35.69 | +0.1% |
| 2026-02-19 | $35.66 | +0.5% |
| 2026-02-18 | $35.50 | +0.7% |
| 2026-02-17 | $35.24 | −0.5% |
| 2026-02-13 | $35.42 | +2.9% |
| 2026-02-12 | $34.43 | −0.7% |
| 2026-02-11 | $34.67 | +4.6% |
| 2026-02-10 | $33.15 | −0.1% |
| 2026-02-09 | $33.17 | −2.4% |
| 2026-02-06 | $34.00 | −0.5% |
| 2026-02-05 | $34.17 | +0.9% |
| 2026-02-04 | $33.85 | −0.6% |
| 2026-02-03 | $34.06 | −1.6% |
| 2026-02-02 | $34.61 | +1.8% |
| 2026-01-30 | $34.00 | +0.3% |
| 2026-01-29 | $33.89 | −2.4% |
| 2026-01-28 | $34.72 | −1.7% |
| 2026-01-27 | $35.33 | −2.4% |
| 2026-01-26 | $36.21 | −0.2% |
| 2026-01-23 | $36.27 | −0.9% |
| 2026-01-22 | $36.59 | +0.9% |
| 2026-01-21 | $36.25 | +1.3% |
| 2026-01-20 | $35.79 | −0.7% |
| 2026-01-16 | $36.03 | −0.2% |
| 2026-01-15 | $36.11 | +1.7% |
| 2026-01-14 | $35.51 | +2.2% |
| 2026-01-13 | $34.75 | +8.4% |
| 2026-01-12 | $32.06 | +0.8% |
| 2026-01-09 | $31.80 | −0.5% |
| 2026-01-08 | $31.96 | −1.2% |
| 2026-01-07 | $32.34 | −1.4% |
| 2026-01-06 | $32.79 | +1.9% |
| 2026-01-05 | $32.18 | −0.2% |
| 2026-01-02 | $32.24 |
The deal was announced before the open on Oct. 6; Oct. 5 is the last close in this chart.8-K Source: Tiingo end-of-day closes, as traded, via KeyVex.
How the stock got to $23.37
The year began with a forecast. On Jan. 12, after the close, Option Care said it expected 2026 revenue of $5.8 billion to $6.0 billion. Its board doubled its buyback authorization, the cap on what it may spend buying its own shares, to $1 billion.Jan. 12 release The company repeated that forecast with its full results on Feb. 24.Feb. 24 release
On April 30, first-quarter revenue came in up 1.3% from a year earlier. The company cut its 2026 revenue forecast to $5.675 billion to $5.775 billion and kept its earnings forecast.Q1 release Option Care was "not satisfied with our revenue growth momentum," Chief Executive John Rademacher said in the release.Q1 release
The second quarter brought revenue up 1.9%, and the revenue forecast held.Q2 release The company's quarterly report pointed to its chronic inflammatory disease therapies, which declined "primarily due to patient attrition and unfavorable therapy mix." It expected those dynamics to cut 2026 gross profit by about $55 million.Q2 10-Q
What Option Care paid for its own stock
A company that buys back stock pays the market price, like anyone else. Option Care bought about 529,000 shares in January at an average of $33.16, about $17.5 million in all, its first-quarter report shows. It bought none in February or March.Q1 10-Q
It bought none in April either. In May it bought 7.35 million shares at an average of $20.41, about $150 million, and none in June. At June 30, $525 million of the $1 billion authorization was left.Q2 10-Q
View the data
| Option Care Health stock | Per share | Note |
|---|---|---|
| Highest close (Jan. 22, 2026) | $36.59 | Highest close since Sept. 25, 2013, adjusted for the 2020 reverse split |
| Option Care's own buyback (January 2026, average) | $33.16 | 528,981 shares, per the first-quarter 10-Q |
| The deal price (CD&R and McKesson, cash) | $32.05 | Per the merger agreement, signed Oct. 5, 2026 |
| Last close before the deal (Oct. 5, 2026) | $23.37 | The close the 37% premium is measured from |
| Option Care's own buyback (May 2026, average) | $20.41 | 7,351,057 shares, per the second-quarter 10-Q |
| Lowest close of 2026 (May 15, 2026) | $19.52 | As traded |
Sources: Option Care's first- and second-quarter 2026 10-Qs; the merger agreement; Tiingo closes via KeyVex.Q1 10-QQ2 10-Q8-K
How the deal is built
CD&R will hold about 51% and McKesson about 49%, for which McKesson will invest about $1.4 billion. The deal "establishes a framework" for McKesson to buy CD&R's stake later, "subject to specified conditions and regulatory approvals," the companies said. They did not give its terms.ReleaseMcKesson release
The deal needs a majority of Option Care's shares, antitrust clearance and state healthcare approvals.8-K
Option Care may not shop for other bids, but it may talk to a buyer that comes forward with a better offer. If it takes one, or its board changes its recommendation, it owes the buyers $145,963,976. The buyers owe Option Care $291,927,951 if the deal fails for certain reasons on their side.8-KMerger agreement
What others said
The Financial Times reported the talks on Oct. 5, Investing.com reported. The stock rose 20.8% in after-hours trading that day, Investing.com said.Investing.com Summarizing a note by Citizens analyst Constantine Davides, Investing.com put the implied price at about $27 to $29 a share on Oct. 6, based on the FT's reported value of more than $5 billion including debt.Investing.com
McKesson's focus on specialty care and the community setting makes the deal appealing, J.P. Morgan analyst Lisa Gill said, according to Reuters. Before the market opened on Oct. 6, the stock was 32.8% higher, at $31.03, below the $32.05 deal price, Reuters reported.Reuters The gap is what a buyer at that price would collect if the deal closes.
The filings so far don't say when talks with the buyers began, and nothing in them ties the January or May buybacks to the deal. The merger agreement bars further buybacks before closing, with narrow exceptions, unless the buyers consent.Merger agreement Option Care says it will file a proxy statement, the document shareholders get before they vote, for the vote on the deal.8-K
What to watch
Option Care's third-quarter results, with no conference call. It has withdrawn its 2026 forecast.
When the companies expect the deal to close.
The merger agreement's end date, after which either side may terminate.
The paper trail
The filings this story rests on, Jan. 12 through Oct. 6, 2026, with the time EDGAR accepted each one (Eastern).
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Jan. 12, 2026, 4:31 p.m. | 8-K | Option Care Health | 2026 forecast; buyback authorization raised to $1 billion. |
| Feb. 24, 2026, 6:55 a.m. | 8-K | Option Care Health | Full 2025 results; 2026 forecast repeated. |
| April 30, 2026, 7:01 a.m. | 8-K | Option Care Health | First-quarter results; revenue forecast cut. |
| April 30, 2026, 4:00 p.m. | 10-Q | Option Care Health | January buyback: 528,981 shares at $33.16. |
| July 29, 2026, 6:56 a.m. | 8-K | Option Care Health | Second-quarter results. |
| July 29, 2026, 7:26 a.m. | 10-Q | Option Care Health | May buyback: 7,351,057 shares at $20.41. |
| Oct. 6, 2026, 8:03 a.m. | 8-K | McKesson | The joint press release. |
| Oct. 6, 2026, 8:22 a.m. | 8-K | Option Care Health | The merger agreement: $32.05 a share in cash. |
Sources
16 sources, 11 of them public records
Public records
- Option Care Health, Form 8-K (merger agreement)SEC EDGAR · Oct. 6, 2026
- Option Care Health, Form 8-K filing index (acceptance time)SEC EDGAR · Oct. 6, 2026
- Agreement and Plan of Merger among Option Care Health, Onyx Bidco LLC and Onyx Merger Sub, Inc. (Exhibit 2.1)SEC EDGAR · Oct. 5, 2026
- Joint press release of CD&R, McKesson and Option Care Health (Exhibit 99.1)SEC EDGAR · Oct. 6, 2026
- McKesson, Form 8-K, Exhibit 99.1SEC EDGAR · Oct. 6, 2026
- Option Care Health, preliminary 2025 results and 2026 guidance (Exhibit 99.1 to Form 8-K)SEC EDGAR · Jan. 12, 2026
- Option Care Health, fourth-quarter and full-year 2025 results (Exhibit 99.1 to Form 8-K)SEC EDGAR · Feb. 24, 2026
- Option Care Health, first-quarter 2026 results (Exhibit 99.1 to Form 8-K)SEC EDGAR · April 30, 2026
- Option Care Health, Form 10-Q for the quarter ended March 31, 2026SEC EDGAR · April 30, 2026
- Option Care Health, second-quarter 2026 results (Exhibit 99.1 to Form 8-K)SEC EDGAR · July 29, 2026
- Option Care Health, Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · July 29, 2026
Reporting
- "McKesson, CD&R to take infusion therapy provider Option Care private in $5.8 billion deal" (Reuters)WinCountry · Oct. 6, 2026
- "Why is Option Care Health stock surging today?"Investing.com · Oct. 5, 2026
- "Citizens maintains Option Care Health stock rating on potential acquisition talks"Investing.com · Oct. 6, 2026
Data
- End-of-day prices for OPCH, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 5, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for OPCHKeyVex · through Oct. 5, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. Daily moves are close to close. Every OPCH close in the chart's Story range is in its data table. The highest-close claim covers every OPCH close in KeyVex's prices, which begin Jan. 3, 2005, with closes before the 1-for-4 reverse split of February 2020 multiplied by four: the last close above $36.59 on that basis was $36.76 on Sept. 25, 2013 ($9.19 as traded), when the company was BioScrip. The chart shows the ten years from Oct. 5, 2016, also split-adjusted. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to OPCH's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's OPCH stock page, a selection of congressional trades, insider trades, Form 144 notices, 8-Ks and lobbying filings: not every filing, and not only those tied to this story.
- Percentages are KeyVex's math from the closes and the deal price: $32.05 is 37.1% above the Oct. 5 close of $23.37 and 12.4% below the Jan. 22 close of $36.59; the Oct. 5 close was 36.1% below Jan. 22; the April 30 close of $20.33 was 24.3% below the April 29 close of $26.87. The lowest close from Jan. 13 through Feb. 25 was $33.15, on Feb. 10.
- Buyback figures are from the issuer-purchase tables in Option Care's 10-Qs: 528,981 shares at an average of $33.16 in January 2026 and 7,351,057 shares at an average of $20.41 in May 2026, with none in the other months of the first half. Dollar totals are KeyVex's math from those figures; the company's results releases give $17.5 million and $150 million. Analysts' remarks are as reported by Reuters and Investing.com.