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Express Scripts, Medco Continue To Work With FTC On Deal

By Jon Kamp Of DOW JONES NEWSWIRES Pharmacy-benefit managers Express Scripts Inc. (ESRX) and Medco Health Solutions Inc. (MHS) said they are working with the Federal Trade Commission to secure approval for their planned deal, which could close within a matter of weeks. Express Scripts is planning to buy Medco--in a cash-and-stock deal valued at $29 billion when it was announced in July--to create the industry's biggest firm. Pharmacy-benefit managers, or PBMs, handle drug benefits for corporations and health plans. The companies certified on Feb. 10 that they had complied with the FTC's requests, setting a 30-day clock for the agency to complete its antitrust review, unless the parties agreed to allow more time. While that clock expired Monday, the two PBMS said they have agreed with the FTC not to close the deal yet. "Medco and Express Scripts continue to work with the FTC and expect that the mergers will be completed by the earlier part of the second quarter of 2012," the companies said in filings with the Securities and Exchange Commission, made late Monday. Express Scripts shares climbed 1.5% to $54.25 in after-hours trading, while Medco shares rose 0.6% to $68.75. The spread between the planned purchase price and Medco's stock has narrowed in recent days--it was about 5.5% after Monday's close--amid signs the deal could be closer to gaining approval. Several trade groups and consumer advocates have urged the FTC to block the deal. But The Wall Street Journal reported Friday that the agency appears increasingly unlikely to do so. The FTC still has some concerns about the combination, and talks were under way to resolve them, the WSJ reported, citing people familiar with the matter. -By Jon Kamp, Dow Jones Newswires; 617-654-6728; jon.kamp@dowjones.com --Brent Kendall contributed to this article.

Stock News for Medco (MHS)
DateTimeHeadline
04/02/201219:28:09CORRECT: US Stocks End At Multiyear Highs On US Manufacturing...
04/02/201212:18:34CORRECT: Medco Executives Paid Max 2011 Bonuses; Express Scripts...
04/02/201212:04:59Medco Executives Paid Max 2011 Bonuses; Express Scripts More...
04/02/201210:39:10WSJ BLOG/Health: A.M. Vitals: Some States Move Forward Voluntarily...
04/02/201209:11:32Express Scripts Closes $29.1 Billion Medco Acquisition
03/30/201218:20:08US Pharmacy Groups Seek Temporary Restraining Order Vs Deal
03/29/201213:40:34Pharmacy Groups File Suit Against Express Scripts, Medco Deal
03/28/201209:47:51Express Scripts, Medco Say Deal Could Close Next Week
03/27/201214:56:14Walgreen Sees Flexibility To Keep Medco Clients If Merger Wins...
03/23/201220:04:33Medco To Pay $2.8 Million To Resolve CalPERS Payment Probe
03/19/201211:11:36Express Scripts/Medco Deal Could Face State Lawsuits -Bloomberg
03/12/201218:15:43Express Scripts, Medco Continue To Work With FTC On Deal
02/28/201211:29:17CVS Says Tailwinds Favor PBM-Retail Hybrid Business Model
02/23/201210:28:13Express Scripts Cites Smooth Transition From Walgreen
02/21/201207:22:31Medco Health 4Q Net Rises 12% As Revenue Easily Tops Estimates
02/08/201213:17:21Insurer Coventry Health Care Extends Pact With Medco By 3 Years
02/06/201214:31:04Big Grocery Chains Ask FTC To Block Medco-Express Scripts Deal...
02/06/201212:35:37February's Flurry Of Issuance Continues For High-Grade Corporates
01/27/201218:16:16Benefit Manager's Lipitor Move Highlights Pressure On Pfizer
01/12/201211:51:48FTC: CVS Caremark Settles Deceptive Pricing Charges, Will Pay...

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