Close
ThinkAdvisor

CVS Raises Bid For Rx Manager

X
Your article was successfully shared with the contacts you provided.

CVS Corp. is offering to pay more for Caremark Rx Inc.

CVS, Woonsocket, R.I., says it has increased its cash offer to $7.50 per share, from $6. The move raises the overall value of its bid to $26 billion.

CVS made its announcement a day after a rival raised the value of its bid for Caremark, Nashville, Tenn., a pharmacy benefits manager.

The competitor, Express Scripts, Maryland Heights, Mo., said it would pay interest of about 6% a year on the cash part of its offer from April 1 until the deal is closed, or until 45 days after receiving regulatory approval. Its offer for Caremark is valued at about $26.3 billion.