CVS/Caremark merger moves forward

Executive Summary

Both CVS and Caremark Rx announce the week of March 12 shareholders approved of their merger. CVS says in a March 16 release the transaction is expected to close the week of March 19. "The tender offer for 150 million of CVS/Caremark's outstanding shares will commence approximately five business days after the closing," CVS says in a release. The special cash dividend of $7.50 per share will be payable at or after closing of the merger, CVS says. Caremark says in a March 16 release the merger will close subject to official certification of the voting results by independent inspectors. Caremark Rx announced in January the merger would "result in new and broader disease management and wellness services" (1"The Tan Sheet," Jan. 15, 2007, In Brief)...