CVS/Caremark merger moves forward
This article was originally published in The Tan Sheet
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)...
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CVS/Caremark merger
Caremark Rx announces Jan. 7 its merger with CVS will "result in new and broader disease management and wellness services delivered through Caremark's and CVS's combined 21,000 pharmacists and nurse practitioners along with Caremark's analytic capabilities and clinical programs." The Nashville, Tenn.-based firm says its pending combination with CVS will "define and lead the next evolution of the pharmaceutical services industry." In response to a lawsuit filed by Express Scripts, CVS says: "This is just another desperate attempt by Express Scripts to derail a merger that not only has the complete support of both the CVS and Caremark boards, but also has received strong support from customers and employees of both companies." Caremark refused a $26.5 bil. offer Express Scripts made in December...
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