• Most Popular
  • Most Shared

Express Scripts says ready to raise Caremark bid

NEW YORK
Thu Mar 15, 2007 1:28pm EDT

Related News

Stocks

   
A pedestrian walks past a CVS drugstore in Boston, November 1, 2006. Shareholders of CVS Corp., the No. 2 U.S. drugstore chain, on Thursday approved the company's $23.9 billion plan to buy pharmacy benefits manager Caremark Rx Inc. REUTERS/Brian Snyder

NEW YORK (Reuters) - Express Scripts Inc. (ESRX.O) said on Thursday it is "firmly committed" to raising the cash part of its $27.8 billion offer for Caremark Rx Inc. CMX.N if it can find more synergies through a possible deal with the rival pharmacy benefit manager.

Mergers & Acquisitions  |  Bonds

Express Scripts said Caremark, which has agreed to be acquired by drug-store chain CVS Corp. (CVS.N), has shut it out from conducting confirmatory due diligence.

"Caremark's closed door has prevented us from learning anything more about the company that would permit Express Scripts to increase its offer," Express said in a statement.

Earlier Thursday, CVS shareholders approved its $23.9 billion plan to buy Caremark. Caremark holders are expected to vote on Friday on the CVS deal.
Mergers & Acquisitions
Bonds


More from Reuters

A Greenpeace activist dressed as one of the "Four Horsemen of the Apocalypse" rides outside the parliament building during a brief protest in Copenhagen December 13, 2009. REUTERS/Christian Charisius

The face of climate protest

Protesters around the globe called for an end to global warming as climate talks in Copenhagen entered their sixth day.  Video 

    Climate conference
    President Barack Obama (R) meets with financial services industry leaders in the Roosevelt Room of the White House in Washington December 14, 2009. REUTERS/Larry Downing

    Obama takes "fat cats" to task

    Backed by Americans outraged by multi-billion dollar bailouts, President Obama met with a dozen of Wall Street's top bankers in a bid to crack down on the so-called "fat cats" largely held responsible for the financial crisis.  Full Article 

    Executive Compensation
    Lockheed Martin Chief Executive Robert Stevens answers a question during the Reuters Aerospace and Defense Summit in Washington December 14, 2009. REUTERS/Molly Riley

    Lockheed eyes deals

    The future demands of cybersecurity make that sector one of many the aerospace giant sees as an acquisition target in the coming year.  Full Article 

    Aerospace and Defense Summit