Express Scripts Buys Out Rival
NEW YORK (AP) -- Express Scripts and Medco Health Solutions, the largest U.S. pharmacy benefits management companies, say they will combine in a deal worth $29.1 billion in cash and stock.
The companies manage prescription drug benefits, and combined, they handled more than 1.7 billion prescriptions in 2010.
Express Scripts of St. Louis, Mo., says it will buy its rival for $71.36 per share. Medco's shareholders will get $28.80 per share in cash and 0.81 shares of Express Scripts for each share they own. That's a premium of 27.9 percent based on Medco's Wednesday closing price of $55.78.
Express Scripts shareholders will own 59 percent of the new company when the deal closes.
Both companies also reported quarterly results.
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