Caremark Shareholders Back CVS Deal
1 CommentBy Ed Silverman // March 16th, 2007 // 10:04 am
Despite the last-minute flurry of criticism yesterday from Express Scripts and shareholder advisory groups, this isn’t all that surprising. The vote for the $27 billion bid effectively ends the months-long takeover fight between the retailer and the PBM for Caremark.
CVS had not raised its original stock offer, which calls for Caremark shareholders to receive 1.67 CVS shares for each Caremark share. But CVS did sweeten its bid with a special dividend of $7.50 per share, which will be paid to Caremark shareholders once the deal closes.
Caremark agreed to be acquired by CVS in an all-stock deal in November. Express Scripts joined the fray in December with an unsolicited cash and stock offer for Caremark now worth about $28 billion.
Hat tip to Reuters[tags]Caremark, CVS, Express Scripts[/tags]
Carter Powers
CVS/Caremark Discussions Led by Leadership
At the helm of the CVS and Caremark discussions were the Chairmen of these two companies. Caremark Chairman and CEO Edwin Crawford and CVS Chairman and CEO Terrence Murray have both sat on the Board of Directors of FleetBoston for a number of years, along with Murray’s fellow CVS Board Member Marian Heard. While these were likely to be the primary 3 people involved in these discussions, there are also many other people who could have helped to influence the outcome of the deal. Below is the Knowledge Map depicting the key relationships between the two entities:
http://fn.intellectspace.com/ispace/GuestMonitor.aspx?id=7112985c-1f5a-4a58-be0b-1b356d8fa58a
Knowledge Maps are automatically generated by IntellectSpace’s Knowledge Mapping technologies.