Thursday, December 21, 2006

U.S. Clears CVS to Acquire Caremark Rx

CVS has won antitrust approval to purchase Caremark Rx, the pharmacy benefit manager, removing potential regulatory opposition to the pending $21 billion acquisition. The approval by the Federal Trade Commission comes shortly after Express Scripts launched rival $26 billion bid for Caremark in hopes of wresting its rival away from CVS. Should either CVS or Caremark scuttle the deal because of a competing offer, it would pay the other a breakup fee of $675 million, CVS’s chief financial officer, David B. Rickard, said in an interview last month.
Go to Article from Bloomberg News via The New York Times »

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