ST. LOUIS and FRANKLIN LAKES, N.J., July 21, 2011 /PRNewswire/
— Express Scripts, Inc. (NASDAQ:
ESRX) and Medco Health Solutions, Inc. (NYSE:
MHS) today announced that they have entered into a definitive
merger agreement. Under the agreement, Medco shareholders
will receive $71.36 per share in cash and stock, or $29.1 billion,
based on yesterday’s closing price. Medco shareholders will receive
$28.80 in cash and 0.81 shares for each Medco share they own upon
closing of the transaction. The agreement has been
unanimously approved by the boards of directors of both
companies.
The merger will combine the expertise of two complementary
pharmacy benefit managers (PBMs) to accelerate efforts to lower the
cost of prescription drugs and improve the quality of care for
Americans.
“The cost and quality of healthcare is a great concern to all
Americans; this is the right deal at the right time for the right
reasons,” said George Paz, chairman and CEO of Express Scripts.
“Companies like ours have a responsibility to provide the
leadership and resources required to drive out waste in healthcare
and provide the best care in the world. The merger with Medco
will accelerate our efforts to create greater efficiencies in the
healthcare system and better protect American families from the
rising costs of prescription medicine while improving health
outcomes.
“This continues Express Scripts’ commitment to strong growth,
both organically and through strategic mergers and acquisitions.
The opportunity with Medco represents an attractive strategic
combination which will provide the opportunity to move forward with
a wide array of tools and resources to accomplish our goals.”
David Snow, chairman and CEO of Medco, commented: “Our
organizations represent two great suc
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