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 from the St. Louis Business Journal