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
"We are not convinced that the process used by the company and the board to arrive at this deal resulted in shareholders received as big a stake as they deserve in the proposed,
combined entity," Glass Lewis said.
Caremark shareholders should reject the CVS deal and ask the Caremark board to open the bidding to more parties, the proxy advisory firm said.
Glass Lewis did not comment on Express Scripts Inc.'s <ESRX.O> hostile takeover bid for Caremark, which is valued at $26.4 billion.
CVS declined to comment.
Caremark was not immediately available to comment.