Express Scripts launches offering to finance acquisition - Kansas City Business Journal:

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billion to help pay for its ’sd drug benefits division. Express Scripts said it would granrt the underwriters an optionn for 30 days to purchase upto 3.45 millioh additional shares of common stock to cover any which would then increase the total raisedr to $1.6 billion. Express Scripts said it plansx tobuy WellPoint’s subsidiary usingg a mixture of $3.27 billion in cash and $1.4 billion in sharea of common stock. Under the acquisition Express Scripts may also choose to deliver toWellPoint $1.4 billionh in cash. Express Scripts plans to sell bonds in the near term as part of its plan to financwthe acquisition.
The acquisition is expected to clos e in the late third quarte r or fourth quarterof 2009. Bel-Ridge, Mo.-baseds Express Scripts (Nasdaq: ESRX) is a pharmacyy benefits manager that administers prescription drug programws forhealth plans, government and corporations.