FTC seeks more details about Caremark bid
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Federal regulators have requested more details about Express Scripts Inc.’s hostile bid for competitor Caremark Rx Inc., which could mean closer antitrust scrutiny of the proposal.
The Federal Trade Commission issued a second request to Express Scripts seeking more information about its $26.5-billion cash and stock proposal to acquire Caremark, whose board is favoring a bid from CVS Corp.
Nashville-based Caremark is the nation’s second-largest pharmacy benefits manager, and Maryland Heights, Mo.-based Express Scripts is No. 3. Combining the two could create a company larger than current industry leader Medco Health Solutions Inc.
Meanwhile, an attempt by Express Scripts and pension fund shareholders of Caremark to stop the CVS buyout was rejected by the Delaware Supreme Court.
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