Caremark RX Buyout Offer

1 decade 9 months 3 weeks ago Friday, December 22 2006 Dec 22, 2006 Friday, December 22, 2006 8:12:39 PM CST December 22, 2006 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
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NASHVILLE, Tenn. - A federal judge refused Friday to force pharmacy benefits manager Caremark RX to consider a hostile buyout bid by rival Express Scripts that could pay more than an offer from CVS Corp. Maryland Heights, Mo.-based Express Scripts launched its $26 billion bid for Caremark last Monday. Attorneys representing Caremark shareholders asked for a temporary restraining order Thursday to give Caremark time to consider the offer. U.S. District Judge Aleta Trauger said in denying the order that Caremark's board has expressed plans to review the Express Scripts offer. Rhode Island-based CVS Corp. said on Nov. 1 it planned to acquire Nashville-based Caremark for about $21.2 billion in stock.

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