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Quotes & Info
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| MHS > SEC Filings for MHS > Form 8-K on 6-Sep-2011 | All Recent SEC Filings |
6-Sep-2011
Other Events
As previously disclosed, on July 20, 2011, Express Scripts, Inc., a Delaware
corporation ("Express Scripts"), entered into an Agreement and Plan of Merger
(the "merger agreement") with Medco Health Solutions, Inc., a Delaware
corporation ("Medco"), Aristotle Holding, Inc., a Delaware corporation and
wholly owned subsidiary of Express Scripts ("Parent"), Aristotle Merger Sub,
Inc., a Delaware corporation and wholly owned subsidiary of Parent, and Plato
Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent.
The combination of Express Scripts and Medco contemplated by the merger
agreement (the "merger") remains subject to the satisfaction or waiver of
certain closing conditions, including the expiration of the waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR
Act").
Both Express Scripts and Medco filed notification and report forms with the U.S.
Department of Justice and the U.S. Federal Trade Commission (the "FTC") pursuant
to the HSR Act on August 3, 2011. As a result, the waiting period under the HSR
Act with respect to the merger was scheduled to expire on September 2, 2011,
unless a request for additional information was received prior to expiration.
On September 2, 2011, Express Scripts and Medco each received a request for
additional information (a "second request") from the FTC in connection with the
FTC's review of the merger. A second request was anticipated by the parties to
the merger at the time of signing of the merger agreement.
Issuance of the second request extends the waiting period under the HSR Act
until 30 days after both parties have substantially complied with the requests,
unless the waiting period is terminated sooner by the FTC. The companies have
been cooperating with the FTC staff since shortly after the announcement of the
merger and intend to continue to work cooperatively with the FTC staff in the
review of the merger. Express Scripts and Medco intend to respond to the second
request as promptly as practicable. While the companies cannot specify how long
it will take to comply with the second request, they continue to anticipate the
transactions contemplated by the merger agreement will close in the first half
of 2012, as previously announced.
Completion of the transactions contemplated by the merger agreement remains
subject to approval by the stockholders of each of Express Scripts and Medco, as
well as the satisfaction or waiver of the other, customary, closing conditions
specified in the merger agreement.
Cautionary Statement Regarding Forward-Looking Statements
This document contains "forward-looking statements" as that term is defined in
the Private Securities Litigation Reform Act of 1995. These statements, as they
relate to Medco Health Solutions, Inc. or Express Scripts, Inc., the management
of either such company or the transaction, involve risks and uncertainties that
may cause results to differ materially from those set forth in the statements.
No forward-looking statement can be guaranteed, and actual results may differ
materially from those projected. Medco and Express Scripts undertake no
obligation to publicly update any forward-looking statement, whether as a result
of new information, future events or otherwise. Forward-looking statements are
not historical facts, but rather are based on current expectations, estimates,
assumptions and projections about the business and future financial results of
the pharmacy benefit management and specialty pharmacy industries, and other
legal, regulatory and economic developments. We use words such as "anticipates,"
"believes," "plans," "expects," "projects," "future," "intends," "may," "will,"
"should," "could," "estimates," "predicts," "potential," "continue," "guidance"
and similar expressions to identify these forward-looking statements. Actual
results could differ materially from the results contemplated by these
forward-looking statements due to a number of factors, including, but not
limited to, the possibility that (1) Medco and Express Scripts may be unable to
obtain stockholder or regulatory approvals required for the merger or may be
required to accept conditions that could reduce the anticipated benefits of the
merger as a condition to obtaining regulatory approvals; (2) the length of time
necessary to consummate the proposed merger may be longer than anticipated;
(3) problems may arise in successfully integrating the businesses of Medco and
Express Scripts; (4) the proposed merger may involve unexpected costs; (5) the
businesses may suffer as a result of uncertainty surrounding the proposed
merger; and (6) the industry may be subject to future risks that are described
in SEC reports filed by Medco and Express Scripts.
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the businesses of Medco and Express Scripts described in their respective Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the Securities and Exchange Commission.
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