WOONSOCKET – In light of the recent court decision delaying the Caremark Rx shareholder vote on the planned merger with CVS Corp., CVS said it is postponing its own shareholder meeting on the deal.
“We look forward to completing our merger with Caremark in early March,” Chairman and CEO Thomas M. Ryan said in a statement. Both companies had planned meetings last week, and both pledged to inform shareholders promptly of the new meeting dates.
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If approved by shareholders, the deal could have closed this month.
But in a lawsuit brought by a Louisiana retirement fund, Delaware Chancery Court Judge William Chandler agreed to enjoin Caremark from holding its shareholders’ vote until at least March 9, to give investors time to consider the revised CVS offer.
CVS raised its bid 7 percent, to $25.7 billion, by tripling the planned post-merger dividend. Rival bidder Express Scripts Inc.’s offer is valued at $26.1 billion.
