By Associated Press
Nashville, TN – A federal judge today refused to force pharmacy benefits manager Caremark R-X to consider a hostile buyout bid by rival Express Scripts that could pay more than an offer from C-V-S Corporation.
The Maryland Heights-based Express Scripts launched its $26 billion bid for Caremark on Monday. Attorneys representing Caremark shareholders sought a temporary restraining order yesterday to give Caremark time to consider the offer.
U.S. District Judge Aleta Trauger said in denying the restraining order that Caremark's board has expressed plans to review the Express Scripts offer. Rhode Island-based C-V-S Corporation said on November first that it planned to acquire Nashville-based Caremark for about $21.2 billion in stock.