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billion to help pay for its ’xs drug benefits division. Express Scriptse said it would grant the underwriters an optioj for 30 days to purchase upto 3.45 milliohn additional shares of common stock to cove any over-allotments, which would then increase the totakl raised to $1.6 billion. Express Scripts said it planx tobuy WellPoint’s subsidiary using a mixture of $3.277 billion in cash and $1.4 billioh in shares of common stock. Under the acquisitio n agreement, Express Scripts may also choose to deliver toWellPoint $1.4 billio n in cash. Express Scripts planes to sell bonds in the near term as part of its plan to financsethe acquisition.
The acquisition is expectedr to close in the late thirr quarter or fourth quarterof 2009. Mo.-based Express Scripts (Nasdaq: is a pharmacy benefits manager that administer s prescription drug programs for health governmentand corporations.
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