The combined company, renamed CVS/Caremark Corporation, unifies the top US pharmacy chain with a leading pharmaceutical services company. The combined company will trade on the New York Stock Exchange under the symbol “CVS”.
In light of the closing, CVS/Caremark will commence a cash tender offer in approximately five business days for 150 million, or about 10%, of its outstanding shares at a fixed price of $35 per share.
“The close of our landmark merger will enable us to begin delivering substantial benefits to shareholders, customers and employees,” said Tom Ryan, CVS/Caremark’s president and CEO.
“CVS/Caremark will offer end-to-end services, from plan design to prescription fulfillment, as well as the opportunity to improve clinical outcomes, which will result in better control over healthcare costs for employers and plan providers. The company will improve the delivery of pharmacy services and healthcare decision making, enabling consumers to benefit from unparalleled access, greater convenience and more choice. We look forward to capitalizing on the tremendous opportunity ahead of us to improve the delivery of pharmacy services.”