Medco shareholders OK $29B Express Scripts deal

AP News
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Posted: Dec 21, 2011 9:51 AM
Medco shareholders OK $29B Express Scripts deal

Pharmacy benefits manager Medco Health Solutions says its shareholders have approved the company's proposed acquisition by Express Scripts for $29.1 billion.

The Franklin Lakes, N.J., company says a preliminary count of votes from a special meeting shows that 99 percent of shareholders voted for the deal. About 72 percent of the shares entitled to vote were present at the meeting.

Express Scripts agreed in July to buy its fellow PBM Medco in a cash and stock deal. The deal still needs approval from the St. Louis company's shareholders, and regulators are still reviewing it. The companies hope to complete the deal in the first half of next year.