Express Scripts Submits Exchange Offer for Caremark

1 decade 2 years 9 months ago Tuesday, January 16 2007 Jan 16, 2007 Tuesday, January 16, 2007 2:43:01 PM CST January 16, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
NASHVILLE, Tenn. (AP) - Pharmacy benefits manager Express Scripts is commencing an exchange offer for outstanding shares of its rival Caremark Rx Incorporated, which has rejected Express Scripts' takeover bid. The complete terms, conditions and other details of the offer are set forth in documents that Express Scripts will file later today with the Securities and Exchange Commission. Express Scripts is offering Caremark stockholders $29.25 cash and 0.426 shares of Express Scripts stock for each share of Caremark stock. Based on closing stock prices on Friday, the Express Scripts offer has a value of about $25 billion, and provides Caremark stockholders with a 7 percent premium to the current value of a proposal from CVS Corporation.

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