NASHVILLE, Tenn. – Caremark Rx Inc. (NYSE: CMX) today announced that the Delaware Court of Chancery has denied a plaintiffs’ motion to enjoin Caremark’s planned merger with Woonsocket-based CVS Corp.(NYSE: CVS).
The court ruled that Caremark could hold its special shareholder vote on the proposed merger 20 days after it files supplemental disclosures regarding appraisal rights and the structure of fees to its financial advisors. Caremark said it will make those supplemental disclosures shortly.
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The company issued a statement saying:
“We’re pleased with the Court’s decision, which will soon provide our shareholders the opportunity to vote on our compelling combination with CVS. The transaction with CVS offers our shareholders significant near-term value, as well as long-term strategic and financial benefits. We look forward to obtaining shareholder approval and promptly closing the merger, which has already received regulatory approval.”
Additional information on Caremark and the proposed merger can be found at www.caremark.com.
