Caremark Nixes Bid, Avoids Antitrust Scrutiny

Law360, New York (January 9, 2007, 12:00 AM EST) -- Citing antitrust concerns and timing delays, Caremark Rx Inc. has rejected Express Scripts Inc.’s $26 billion offer for the company, preferring to stick with the $21 billion “merger of equals” it had already negotiated with CVS Corp.

Express Scripts is not giving up the fight, however, and said it would nominate four candidates to Caremark’s board of directors in an attempt to influence future votes.

Express Scripts first made the offer for Caremark in mid-December, putting forward nearly 20% more money than CVS. But after three...
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