CVS Warns Rival Bid Riddled With Antitrust Issues

Law360, New York (February 5, 2007, 12:00 AM EST) -- In an escalating battle for the hearts of shareholders, drugstore chain CVS has issued a warning about its rival’s anticompetitve “smoke and mirrors” bid to merge with pharmaceutical benefits company Caremark.

The strongly-worded letter sent Monday to Caremark shareholders describes as onerous the conditions Express Scripts has written into its hostile and “illusory” offer, adding the antitrust issues are potentially insurmountable.

The letter comes hot on the heels of the one mailed to shareholders by Express Scripts last week, which urged Caremark investors to carefully consider...
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