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CVS/Caremark deal closes

This article was originally published in The Tan Sheet

Executive Summary

CVS and Caremark announce March 22 they have closed their merger. The combined company renamed CVS/Caremark Corporation will "commence a cash tender offer in approximately five business days for $150 mil. or about 10 percent of its outstanding shares at a fixed price of $35 per share," according to a release. The combined company will trade on the NYSE under the symbol CVS, according to the firms. Caremark announced Jan. 7 its planned merger with CVS (1"The Tan Sheet" Jan. 15, 2007, In Brief). Also on March 22, CVS/Caremark announces its board of directors. The 14-member board was evenly split among designees from CVS and from Caremark, the company says in a release. Thomas M. Ryan will continue to serve as president and CEO...
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