This excerpt taken from the CVS 8-K filed Feb 26, 2007.
CVS PLEASED WITH DELAWARE CHANCERY COURTS DECISION TO DENY PLAINTIFFS REQUEST TO ENJOIN THE CVS/CAREMARK MERGER
WOONSOCKET, RI, February 26, 2007 CVS Corporation (NYSE: CVS) issued the following statement in response to the decision rendered on Friday afternoon by the Delaware Court of Chancery denying plaintiffs motion to enjoin the merger of CVS and Caremark Rx, Inc. (NYSE: CMX).
We are pleased with the Courts ruling, said Tom Ryan, Chairman, President and CEO of CVS Corporation. Having already received antitrust clearance, we are poised to close our merger mid-March immediately following the vote of CVS and Caremark shareholders. We look forward to proceeding with our merger and to extending the benefits of our transformational, integrated pharmacy services offering to shareholders, consumers and employers as soon as possible.
On February 24, 2007, Caremark mailed a proxy statement supplement to its shareholders containing disclosure regarding shareholder appraisal rights and financial advisory fees. In addition, Caremark announced that its special meeting of shareholders to approve the merger will now be held on March 16, 2007.
On February 23, 2007, CVS adjourned its special meeting of shareholders to approve the CVS/Caremark merger to March 9, 2007. In light of the Delaware courts ruling, CVS intends to once again adjourn the meeting to a later date in March and will inform shareholders of the new meeting date as promptly as possible.