NASHVILLE, March 16 (UPI) -- The hotly contested CVS/Caremark merger is poised to go forward, after the shareholders of pharmacy benefits manager Caremark OK'd the deal Friday.
Caremark said in a statement that, based on a preliminary vote count by its proxy solicitor, a "substantial majority" of outstanding shares were cast in favor of the merger.
CVS shareholders voted to approve the transaction Thursday.
The news ended the hopes of rival PBM Express Scripts, which had launched a hostile takeover bid to acquire the larger PBM, and had been locked in a bidding battle and war of words with CVS for months over their quarry.
"We are gratified that Caremark shareholders have recognized the compelling strategic and financial benefits of this groundbreaking merger," said Mac Crawford, Caremark chairman, CEO and president. "Caremark and CVS now have an historic opportunity to define and lead the continuing evolution of the pharmaceutical services industry and build on both companies' records of creating value for our shareholders and customers."
CVS is acquiring Caremark for roughly $27 billion, while Espress Scripts' offer totaled just over $28 billion.
