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news.Pharmacy chain CVS Corp has labeled Express Script's takeover bid for Caremark as risky and highly conditional and urged Caremark shareholders to accept its own offer instead.
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CVS issued its statement after Express announced that it was raising its $26.1 billion offer for Caremark, as US regulators requested more information on the hostile bid. Express Scripts has increased its offer by as much as 87 cents a share to $61.97.
Tom Ryan, chairman, president and CEO of CVS, said: “Our offer provides certainty of closure, superior shareholder value and substantial financial and healthcare benefits that stem from the unique products and services that only a CVS/Caremark combination can provide.”
CVS said that Express Scripts' decision to increase EPS guidance is “just another attempt to mask the substantial anti-trust risk inherent in its proposal.”
CVS has already received regulatory clearance for its $22.8 billion offer for Caremark, and, subject to shareholder approval, expects to close the transaction in mid-March. Caremark is the second-largest US manager of employee drug benefits.