A big pharmacy benefit manager is trying to keep a competitor from wedding a giant retail drug store chain.
A unit of Express Scripts Inc., St. Louis, a huge PBM, says it will be trying to nominate 4 directors to the board of the smaller PBM, Caremark Inc., Nashville, Tenn., and wooing Caremark from CVS Corp., Woonsocket, R.I.
The Express Scripts offer is worth more than $25 billion and will pay shareholders about 13% more than the CVS deal, according to Express Scripts.
But Caremark says it already has permission from federal antitrust regulators to proceed with the CVS deal and is preparing to seek a shareholder vote on that deal.
Members of the Caremark board voted unanimously Sunday to reject the Express Scripts offer, Caremark says.