What happened Following word that private equity firm KKR (NYSE: KKR) will acquire the company for $29.25 per share in cash (plus the assumption or repayment of debt), shares of PharMerica Corporation (NYSE: PMC) are soaring today, up 15.4% as of 12:05 p.m. EDT. So what PharMerica manages pharmacy programs for 15% of the country's nursing homes. Last fall, reports surfaced that PharMerica was open to being acquired. Image source: Getty Images. Today, KKR agreed to buy PharMerica in a deal valued at $1.4 billion including debt. Walgreens Boots Alliance (NASDAQ: WBA) has signed on to be a minority investor in PharMerica once it becomes a private company. The retail pharmacy giant's decision to join KKR in this deal may not be too surprising given that PharMerica competes head-to-head with CVS Health's Omnicare in the long-term care market. In Q2, PharMerica's revenue was $592 million, up 13.9% year over year, and its EPS was $0.47. Now what The deal is expected to close early next year, and since investors will receive cash when it happens, there's not a lot of reason to continue owning shares (beyond hoping for a competing bid to emerge). While anything can happen, it's likely that interested parties kicked the tires thoroughly since news broke last fall, and for that reason, another bid appearing might be far-fetched. Instead, PharMerica investors' best bet might be to considering putting their newfound profits to work in other investment options.10 stocks we like better than PharMericaWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and PharMerica wasn't one of them! That's right -- they think these 10 stocks are even better buys. Click here to learn about these picks! *Stock Advisor returns as of August 1, 2017Todd Campbell has no position in any stocks mentioned. His clients may have positions in the companies mentioned. The Motley Fool recommends CVS Health. The Motley Fool has a disclosure policy.