Express Scripts out of running for Caremark
NASHVILLE, Tenn. – At a meeting in Nashville Friday morning, shareholders of Caremark Rx approved a $26.5 billion buyout by CVS. On Thursday, shareholders of the drugstore operator approved their company's purchase of the pharmacy benefits manager.
The vote ends a running battle between CVS and St. Louis-based Express Scripts to buy Caremark.
Express Scripts spokesman Steve Littlejohn would not say if the company is disappointed by the vote,
"I'm not going to say whether we were surprised or not. We stayed in it until the end making out point of view as clearly known as we possibly could and we're very grateful for the support that we earned from respected organizations like Change to Win, the investor advisory services and CalPERS."
The Federal Trade Commission has already signed off on the deal, which will create a $75 billion drug distribution powerhouse that could drive a harder bargain with drug makers.