WOONSOCKET – CVS Corp. (NYSE: CVS) and Nashville-based Caremark Rx Inc. (NYSE: CMX) announced late yesterday that they expect their merger to close by early next week.
“We have been advised by the independent inspector of election that the preliminary results of the Caremark shareholder vote certification are likely to be available Wednesday, March 21st, or Thursday, March 22nd,” the companies said in their joint statement. “Therefore, the closing of the CVS/Caremark merger is now expected to occur by late this week or early next week.”
The company’s $27.2 billion acquisition by CVS was approved by a “substantial majority” of Caremark’s shareholders March 16, the companies said. CVS shareholders approved the deal March 15, with 91.8 percent voting in favor.
Also approved by shareholders last week was a new name for the combined company, CVS/Caremark Corp., which will be based in Woonsocket.
By 1:08 p.m. today, CVS stock had risen 69 cents or 2.05 percent to $34.36 per share in New York Stock Exchange composite trading, while Caremark shares had risen $1.17 or 1.84 percent to $64.75.
Additional information is available at investor.cvs.com, www.Caremark.com and www.cvscaremarkmerger.com.
