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March 16, 2007 at 01:29 PM
A big pharmacy benefit manager has failed in efforts to keep a competitor from marrying a giant retail drug store chain.
Shareholders of Caremark Inc., Nashville, Tenn., today voted to accept a $26.5 billion acquisition offer for Caremark from CVS Corp., Woonsocket, R.I.
A unit of Express Scripts Inc., St. Louis, had been trying to nominate 4 directors to the Caremark board and block the deal by making its own $27 billion offer for Caremark.
Caremark already has permission from federal antitrust regulators to proceed with the CVS deal, and it says it will proceed with the deal as soon independent inspectors certify the shareholder vote.
