Express Scripts’ Sweetened Bid Turns Sour

Law360, New York (March 8, 2007, 12:00 AM EST) -- Concerned over potential antitrust problems, the board of pharmacy benefits manager Caremark Rx Inc. has chosen to throw its support behind CVS Corp. in the face of a sweetened hostile bid from rival Express Scripts Inc.

On Thursday, Caremark’s board endorsed an improved CVS offer a day after Express Scripts admitted its enhanced deal would likely trigger a second request of information from the Federal Trade Commission.

Express Scripts had promised to raise its hostile cash-and-stock bid by 6%, hoping that an increased offer would trump...
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