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Caremark shareholders approve CVS merger

Executive Summary

The PBM's shareholders vote in favor of CVS' roughly $26.7 billion offer during an investor meeting March 16. CVS will have to bridge two pharmacy models after close of the acquisition, which is expected the week of March 19. CVS has positioned the acquisition as an opportunity to transform the way pharmacy services are delivered by blurring the lines between traditional mail order and retail pharmacy services. Express Scripts, as part of a hostile takeover bid, has argued the fundamental differences between the two business models would plague a merger between Caremark and CVS (1"The Pink Sheet" Feb. 26, 2007, p. 17). In response to Express Scripts offer, CVS recently sweetened its offer to include a $7.50 one-time special dividend...

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