CAREMARK APPROVES CVS BID
In a $26.5-billion merger,Caremark and CVS willbring a new dynamic tothe pharmacy industry.The combination will createone company thatwill be the nation's number-2 drugstore chainand its largest pharmacybenefit management(PBM) company.
"This is what we've been working toget to—to get the shareholders tovote on what we think is a game-changingevent in the pharmaceuticalindustry," said Edwin Crawford,Caremark's chief executive officer,during a press conference followingthe merger vote.
Crawford said that he expects theformal integration processto take 6 months to a year.
CVS agreed. "We havesaid from the beginningthat this combination willtransform the way pharmacyservices are delivered,enabling consumersto benefit from enhancedhealth care services andimproved outcomes, and...payers to benefit from more effectivecost-management tools," commentedTom Ryan, chairman, president,and chief executive officer of CVS Corp.
The approval ended months of a bittertakeover feud that had the PBMExpress Scripts Inc asking Caremark toreject the CVS offer in favor of its hostilebid.