CVS/Eckerd Transaction Expected to Close in July
WOONSOCKET, R.I.--(BUSINESS WIRE)--June 7, 2004--CVS Corporation (NYSE:CVS) announced today that the Company now expects to complete its proposed transaction to acquire approximately 1,260 Eckerd drugstores as well as Eckerd's mail order and pharmacy benefits management businesses from J.C. Penney (NYSE:JCP) during the month of July 2004.
J.C. Penney is under agreement to sell Eckerd's remaining business to The Jean Coutu Group (PJC), Inc. (TSX:PJC.A) immediately after the closing of the CVS acquisition. While CVS had previously anticipated that the Eckerd transaction would close around the end of June, the change reflects the expected timing of the closing of The Jean Coutu Group (PJC), Inc. transaction. The CVS and Coutu transactions are scheduled to close on the same day. As previously announced, the Hart-Scott-Rodino waiting period has expired for both the CVS/Eckerd transaction and the Jean Coutu/Eckerd transaction.
With over 40 years of dynamic growth in the retail pharmacy industry, CVS is committed to being the easiest pharmacy retailer for customers to use. With 4,191 stores in 32 states and the District of Columbia, CVS has created innovative approaches to serve the healthcare needs of all its customers through its online pharmacy, CVS.com and its pharmacy benefit management and specialty pharmacy subsidiary, PharmaCare Management Services. General information about CVS is available through the Investor Relations portion of the Company's website, at http://investor.cvs.com.
This press release contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company strongly recommends that you become familiar with the specific risks and uncertainties outlined under the caption "Cautionary Statement Concerning Forward-Looking Statements" in its Annual Report on Form 10-K for the fiscal year ended January 3, 2004.