There’s Nothing Like a Nasty Takeover
1 CommentBy Ed Silverman // January 31st, 2007 // 12:43 pm
The war between Express Scripts, CVS and Caremark is really turning into great sport.
The latest: First, Express Scripts says it will resubmit a filing with the Federal Trade Commission so it gets another 30 days for its bid to be reviewed. That’s a cute trick.
Naturally, Caremark calls this “a transparent ploy” that will “mislead shareholders.” Then, Express Scripts fires back that its “outrageous” for Caremark to spend shareholder money on ads defenders itself after its board authorized huge change of control payments.
Maybe before this is all over, the takeover will result in embarrassing executive disclosures and criminal investigations. If nothing else, that’s a lot more interesting to read than PBM transparency statements.
Mary Lu
Ed, This one is FAR from over. We can only hope that Express Scripts, CVS and Caremark become the Uber Vultures we know they can be.
If we’re lucky… really lucky they will eat cannibalize each other and totally fall off the planet– or the feds will step in and it will become another Enron.
FYI: This comes from personal experience of being inside more than one of these companies a while back. It is worse inside than you’ll ever imagine.
Love the blog–