Caremark Missed

Throwing a punch can feel good. But CVS missed connecting its left hook with Express Scripts by a wide margin. The drugstore chain has sweetened its contested $23bn bid for benefits manager Caremark by a niggling 1%. It needs something better than this derisory increase if it hopes to see off its rival suitor. The offer may look good in headlines. But it wilts on closer examination. Caremark shareholders will now receive a $2 dividend upon completion of the deal. Problem is, Caremark shareholde...