In the newest attack in the increasingly ugly battle for control of Caremark Rx, rival PBM Express Scripts--currently the spurned suitor--called a dividend offer from drugstore chain CVS a "desperate attempt to save a flawed transaction.". Following yesterday's offer by Express Scripts to take over Caremark, valued at $24.8 billion to $25 billion, depending on whose numbers you believe, CVS sweetened its bid by offering a special cash dividend of $2 per share to Caremark shareholders, bringing the value of its offer to about $23.3 billion. Caremark's board previously accepted an all-stock merger plan from CVS.
For more details:
- read the latest developments [1] from the St. Louis Business Journal
Related Article:
Express Scripts-CVS battle for Caremark heats up. Report [2]
Links:
[1] http://stlouis.bizjournals.com/stlouis/stories/2007/01/15/daily23.html
[2] http://www.fiercehealthcare.com/story/express-scripts-cvs-battle-for-caremark-heats-up/2007-01-16