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Influential proxy advisory firm Institutional Shareholder Services said on Tuesday it recommends that Caremark Rx shareholders support a takeover proposal from drugstore chain CVS, reversing its previous stance.
In an exclusive interview with CNBC's David Faber, Express Scripts' CEO George Paz said his nearly $27 billion bid for Caremark Rx is his "best and only" offer unless the rival pharmacy-benefits manager opens its financial records for review.
In an exclusive interview with CNBC's David Faber, CVS Chairman and Chief Executive Officer Tom Ryan said he won't raise his bid for Caremark.
Caremark Rx said on Friday a second request for information from U.S. antitrust regulators into a takeover offer from Express Scripts is evidence the bid from the rival pharmacy benefit manager may not be able to be completed.
CVS sweetened its $23.9 billion takeover bid for Caremark on Thursday with an increaseddividend, calling its newest proposal its "best and final" offer for the pharmacy-benefits manager.
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Pharmacy benefits manager and takeover target Caremark Rx on Tuesday reported higher earnings and net revenue for the fourth quarter, driven by an increase in retail and mail sales.
Caremark attorney Robert Thornton presented a document that he said showed that Express Scripts considered killing the CVS deal to be a successful outcome even if its own offer was rejected.
A Delaware judge ordered Caremark Rx to delay a shareholder vote on a proposed acquisition by CVS just hours after the drugstore operator tripled the special cash dividend it proposes to pay as part of the deal.
CtW said it would be urging Caremark shareholders, including the pension funds and investment managers, to vote against the deal.
Proxy advisory firm Glass Lewis said on Friday it recommended that shareholders of Caremark Rx reject the planned $24 billion takeover by drug-store chain CVS.
The pharmacy benefits company reported a 32% increase in fourth-quarter earnings and raised its outlook for the first quarter.
The No. 2 U.S. drugstore chain posted a 3% increase in quarterly profit on Thursday, driven by strong sales of prescription medications and greater use of generic drugs, which are more profitable for pharmacies.
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Caremark Rx said on Tuesday it sent a letter urging its shareholders to support the $24 billion acquisition by drug-store retail chain CVS and reject a $25 billion hostile takeoveroffer from Express Scripts.
Rite Aid shareholders overwhelmingly approved a nearly $3 billion deal to buy more than 1,800 Brooks and Eckerd stores and become the largest drugstore operator on the East Coast.
Caremark Rx shares rose sharply after drugstore chain CVS sweetened its bid for the pharmacy benefit manager and analysts projected Express Scripts could counter with a higher offer.
Stocks in the U.S. are seeking direction and are looking mostly higher in mixed action ahead of the open. Earnings news from big names like Intel and J.P. Morgan are making headlines, and the markets are watching for PPI inflation data this morning and the Fed's Beige Book at 2 pm. Oil slumped below $51 a barrel this morning after a deep slide yesterday.
Pharmacy-benefits manager Express Scripts said it was starting a $25 billion exchange offer for all outstanding shares of rival Caremark Rx , despite drugstore operator CVS' bid for the company.