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Article: Express Scripts makes bid for Caremark.(News)
- Article from:
- Chain Drug Review
- Article date:
- January 1, 2007
CopyrightCOPYRIGHT 2007 Racher Press, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- The bidding war for Caremark Rx Inc. initiated by Express Scripts Inc. could escalate with a sweetened offer from CVS Corp. or a private equity firm, according to analysts.
Express Scripts has offered to buy Caremark Rx for cash and stock valued at $25.5 billion, 15% more than CVS' all-stock $22.2 billion bid based on Caremark's closing price on December 15. Furthermore, the Express Scripts offer represents a 22% premium over the average $47.99 stock price of Caremark from November 1--the day CVS announced its "merger of equals"--through December 15.
In a registration statement filed a day after Express Scripts made its offer, CVS reported ...