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NASHVILLE, Tenn. (AP) - Two more investment advisory firms recommended Monday that Caremark shareholders reject a buyout offer from the drugstore operator CVS Corp. when it comes up for a vote next week. CtW Investment Group and Institutional Shareholder Services joined two other advisers who say Caremark's board and managers have not tried to get the best deal for shareholders.
CtW has been communicating with Nashville-based Caremark for weeks and held a forum Feb. 2 where institutional shareholders holding about 46 percent of Caremark's stock heard from the CEOs of both CVS and Express Scripts Inc., which has launched a rival bid for Caremark.
"Given the inadequate value and uncertain benefits of the CVS merger as proposed and the Caremark board's stunning failure to engage in a negotiating process that would maximize shareholder value, we urge you to vote the company's white proxy card against Proposal No. 1 to approve the CVS merger," the letter said.
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