Figh Brews Over Bidding for Pharmacy ; Express Scripts Out to Kill Cvs Deal, Attorney Claims

Augusta Chronicle, The › February 23, 2007

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Summary

WILMINGTON, Del. - Pharmacy benefits manager Express Scripts Inc. is more interested in killing the proposed takeover of rival Caremark Rx Inc. by drugstore chain CVS Corp. than in making a serious competing offer, a Caremark attorney argued in a Delaware court.

Caremark attorney Robert Thornton, hoping to prevent an injunction requested against certain deal protections written into the CVS agreement, pointed to a document provided to the Express Scripts board of directors just before that company launched a hostile counterbid to acquire Caremark. The document, he said, showed that Express Scripts considered killing the CVS deal to be a successful outcome even if its own offer was rejected.

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Figh Brews Over Bidding for Pharmacy ; Express Scripts Out to Kill Cvs Deal, Attorney Claims

"Their real motives were to derail the CVS transacti...

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