Express Scripts on Tuesday launched a formal $25bn hostile offer for Caremark Rx, its larger rival in the US drug benefits management sector.
The move is aimed at breaking up Caremark’s agreed deal with CVS, the retail pharmacy chain, which is billed as a merger of equals. Caremark, however, has refused to entertain the proposal first made by Express Scripts in December, prompting the latter to address Caremark shareholders directly with a formal exchange offer.
