The drugstore retailer needs to explain why it cut its profit and sales forecasts, says CNBC's Jim Cramer.» Read More
The high-stakes battle to acquire Caremark escalated on Thursday when Express Scripts urged shareholders of the rival pharmacy benefits manager to reject an offer from drugstore chain CVS.
The shareholders' motion filed Thursday evening claims that Caremark board members will personally benefit from the CVS deal and have entered into a strict merger agreement that keeps them from seeking out the best deal for shareholders.
Profit was $431.7 million, or 43 cents a share, in the fiscal first quarter ended Nov. 30, compared with $345.6 million, or 34 cents a share, a year earlier.
The proposed takeover of Caremark by CVS has cleared a regulatory hurdle, and the deal could close early next year. But a rival suitor Express Scripts said the deal is far from done.
Fueled by private equity money and low interest rates, mergers and acquisitions are reaching a fevered pace as the year comes to a close.
An early rally lost steam on Wall Street as all of the major indexes closed lower, weighed down by energy and technology stocks.
Pharmacy benefits manager Express Scripts has launched a hostile $26 billion bid to buy rival Caremark a move that could trump Caremark's current deal to be acquired by drugstore chain CVS.
When Their Stories Are Ours, Too: I love sports. Many people who work in the financial world feel the same way. So when us sports “wannabes” see a sports story with a business angle, we jump all over it. Such was the case with the NBA’s announcement of fines and suspensions for the Saturday night brawl involving the Knicks and the Nuggets...
The private equity surge continues. About $60 billion in mergers and acquisitions deals just in the U.S. have been announced this morning. Apollo Management alone is involved in two of the four deals. The only buyout not involving a PE firm was an aggressive bid by Express Scripts for Caremark Rx – which was already entertaining a bid from CVS. CNBC’s Melissa Lee reported the story on “Squawk on the Street.”
U.S. stocks look set to spring higher, as of now, as the year end rally pulls in buyers and takeover activity supports prices. Japanese stocks closed at a seven month high ahead of tomorrow's rate decision by the Bank of Japan. European markets are flat to higher, helped by takeover activity.
Walgreen posted a greater-than-expected 9.3% rise in sales at stores open at least a year in November, sending its shares up more than 3%.