Hold those shares. The vote is now scheduled for March 9, instead of Feb. 20, thanks to an order signed this afternoon by Delaware Chancellor William B. Chandler III.

Chandler is hearing a shareholder lawsuit challenging the Caremark-CVS deal filed by Louisiana Municipal Police Employees’ Retirement System. Lawyers for the pension fund asked the judge to postpone the shareholder vote because it needs more time to consider the latest offer from CVS, according to the Associated Press.

His ruling came only a few hours after CVS and Caremark increased their offer, following criticism by proxy advisors and shareholder groups that the bid was not only inferior to a rival offer from Express Scripts, but also the result of a flawed process.

In his order, Chandler said the “court is not confident that all Caremark shareholders would be able to make an informed decision if they are required to vote on Feb. 20.”

[tags]Caremark, CVS, Express Scripts[/tags]