Friday, January 05, 2007
Caremark Merger News
Express Scripts has sent a letter to Caremark stockholders urging them to reject the CVS proposal to acquire CVS, which already has cleared Hart-Scott-Rodino anti-trust review. According to an AP report, "Analysts say Caremark managers prefer the CVS offer while shareholders like the Express Scripts deal better" as it offers a higher premium. In a press release, Tom Ryan, Chairman, President and CEO of CVS replied that "CVS remains resolute in its commitment to seeing our merger through." Meanwhile, the shareholder lawsuits against the CVS deal wind their way through the courts. This should come to a head soon.