By AP/KWMU
Nashville, Tenn. – St. Louis-based Express Scripts says it won't make a higher offer for Caremark Rx because it isn't allowed to see enough of the company's financial data to perform due diligence.
Express Scripts has been battling CVS Corporation to acquire the pharmacy benefits manager. The company said Caremark's board refused to permit it to see the financial data.
CVS and Caremark announced a stock acquisition agreement in November and Express Scripts offered a rival bid for cash and stock in December. Since then, CVS has improved its offer three times.
Express Scripts improved its offer once.
Express Scripts says it is extending the expiration date of its exchange offer for all outstanding Caremark shares from midnight Friday through April 17th.