Markets & Finance

Express Scripts Bids to Buy Caremark for $26 Billion


Harrah's reportedly to accept offer from investment group; private equity group to buy Biomet; plus more stocks in the news Monday

From Standard & Poor's Equity ResearchExpress Scripts (ESRX) proposes to acquire Caremark Rx (CMX) in a $26 billion deal, at $29.25 in cash and 0.426 Express Scripts share for each Caremark share, or a value of $58.50 per Caremark share. Caremark is currently in a $21 billion deal to be acquired by CVS Corp (CVS)

Harrah's (HET) the Wall Street Journal reports Harrah's is poised to accept a bid valued at roughly $16.7 billion, or $90 per share, from Apollo Management and Texas Pacific Group, people familiar with the matter said. If the deal is completed, CEO Gary Loveman is expected to stay at the helm.

Biomet, Inc (BMET) Agrees to be acquired by the Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis & Roberts, and TPG in a deal valued at about $10.9 billion, at $44 per Biomet share. Separately, Biomet delays its second quarter earnings release.

Realogy Corp (H) Agrees to be acquired by an affiliate of Apollo Management L.P. in a deal valued at about $9 billion, including the assumption or repayment of debt, legacy contingent, other liabilities, or $30 per share cash.

Eli Lilly (LLY) the New York Times reported that Eli Lilly executives kept important information from doctors about the schizophrenia drug Zyprexa's links to obesity and elevated blood sugar, citing internal Eli Lilly documents and e-mail.

Icos Corp (ICOS) Eli Lilly amends the terms of a deal to acquire Icos. Under revised terms, Eli Lilly will pay $34 per share, for a total purchase price of about $2.3 billion; this reflects a $2 per share increase from a previous offer.

Boston Scientific (BSX) Voluntarily recalls certain lots of its Mach 1 Guide Catheter in the U.S. because in some product units, excess strands of resin may exist in inner the lumen near the hub of the guide catheter; it estimates about 51 devices are involved in the recall.

Joy Global (JOYG) Posts $0.71 vs. $0.45 fourth quarter EPS on a 21% sales rise. Sees fiscal year 2007 EPS of $2.85 to $3.25 on sales of $2.7 billion to $3 billion.


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