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Rejected Express Scripts sues over $675m break fee

Pharmacy benefits manager Express Scripts, whose $26bn bid for drugstore chain CVS was rejected on Monday, has filed a lawsuit to void a $675m (€522m) break fee in the $22bn merger agreement between rival Caremark Rx and CVS.

The suit, filed yesterday in the Delaware Court of Chancery, claims the fee unlawfully handcuffs Caremark into the proposed $22bn deal with CVS. The two agreed a deal back in November 2006.

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