WOONSOCKET, R.I. – Drugstore chain operator CVS Corp. said Thursday it has completed its $26.5 billion acquisition of pharmacy benefits manager Caremark Rx Inc.
As a term of CVS' offer, the combined company will begin buying back about 150 million shares of its common stock, or about 10 percent of shares outstanding, for $35 per share in the next five business days.
The combined company's board consists of 7 members from each company, with former Caremark Chairman and Chief Executive Mac Crawford serving as Chairman, and CVS' Tom Ryan continuing on as President and CEO of CVS/Caremark.
The closing ends months of bidding between CVS and Caremark rival Express Scripts Inc., which was repeatedly rebuffed by Caremark's board. A substantial majority of Caremark shares voted for the CVS deal but an exact tally still needs to be certified by independent auditors.
On Wednesday, CVS shares closed at $34.67 and Caremark shares closed at $65.23 on the NYSE.