(AP) CVS completes $26.5B Caremark acquisition, to buy back shares | WKRN.COM - Chains - Body jewelry

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(AP) CVS completes $26.5B Caremark acquisition, to buy back shares | WKRN.COM

2.04 | 6:28

Drugstore chain operator CVS Corp. said Thursday it has completed its $26.5 billion acquisition of pharmacy benefits manager Caremark Rx Inc.

The combined company will be named CVS/Caremark Corp. and will trade on the New York Stock Exchange under the ticker "CVS." Caremark shares will no longer trade under the ticker "CMX" on the NYSE.

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.
Copyright 2007 by the Associated Press.

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