Caremark rejects Express Scripts offer, will seek deal with CVS
Nashville, Tenn. – Caremark Rx said Monday it is rejecting an offer by the St. Louis-based prescription benefits manager Express Scripts.
Nashville-based Caremark says the deal is in not in the best interests of its shareholders and that it will continue pursuing a deal with CVS.
CVS says the Express Scripts offer is "highly conditional" and would reduce the number of major competitors in the managed pharmacy business from three to two - an issue that CVS says could prevent approval.
Express Scripts says Caremark stockholders have shown support for its offer.