Caremark shareholders approve CVS offer
From the Associated Press
Caremark Rx Inc. shareholders approved a $26.5-billion takeover bid by CVS Corp., creating one of the largest competitors in the prescription drug industry, the company said.
For months, CVS has been in a bidding war for Caremark with Express Scripts Inc.
But increased antitrust scrutiny of the Express Scripts’ proposal and its decision this week not to increase the offer turned the bidding war in CVS’ favor, some analysts said.
The combined company, to be called CVS/Caremark Corp., will be based in Woonsocket, R.I., where CVS is headquartered.
