EBay announced it will—at Carl Icahn's urging—appoint business executive David Dorman as an independent director. In exchange, Icahn said he'll back off.» Read More
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.
R.I.P., M&A? Not according to two merger-watchers, who reassured "Power Lunch" viewers that corporate combinations are alive and well -- regardless of interest-rate fluctuation fears. Gerald Adolph, senior vice president at Booz, Allen Hamilton, told CNBC's Sue Herera that M&A doubters describe a twin-pronged nightmare....
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.
Stocks closed higher after bargain hunters stepped in to drive up shares of financials, technology and industrials.
Express Scripts confirmed its plans to launch a proxy battle for four seats on Caremark's board, as reported by CNBC's David Faber.
Stocks in the U.S. for now look set for a firmer open on what promises to be a busy day in the markets and a busy day on CNBC. Our correspondents are at major conferences across the U.S. Phil Lebeau is at the auto show in Detroit, where the industry is unveiling new products. Jim Goldman is bringing us the latest tech gadgets from the Consumer Electronics show in Las Vegas....
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.