WOONSOCKET – CVS Corp. Thursday announced that its planned acquisition of Caremark Rx Inc. has cleared a key hurdle, when the Hart-Scott-Rodino Act waiting period expired without any requests for additional information by the Federal Trade Commission.
In another milestone, CVS and Caremark said they had filed their joint merger proxy and offering prospectus with the U.S. Securities and Exchange Commission.
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“With this step, we are much closer to creating the largest and best-positioned integrated pharmacy services provider, offering expanded choice and better health care outcomes for consumers and more effective cost management and innovative programs for payers,” said Tom Ryan, chairman, president and chief executive officer of CVS Corp.
The transaction is still subject to approval by shareholders of both CVS and Caremark. CVS said it now anticipates its own shareholder meeting on the proposed merger may occur as early as the first quarter of 2007.
On Nov. 22, Woonsocket-based CVS Corp. (NYSE: CVS) and Nashville-based Caremark Rx Inc. (NYSE: CMX) agreed to a “merger of equals.” The combined company, CVS/Caremark Corp., would be based in Woonsocket. Together, they would have more than 180,000 employees, including more than 21,000 pharmacists and nurse practitioners, and about $75 billion in annual revenue.
A competing bid to acquire Caremark was made Monday, Dec. 18, by Express Scripts Inc. Additional information is available at www.cvs.com.
