In addition to word of the deal for Harrah's, another one has dropped into the lap of the Journal. WSJ.com is on a roll with a report that Express Scripts is expected to make a cash and stock offer of $26-billion dollars for larger rival Caremark (CMX) to thwart a CVS buyout of Caremark. ESRX has a market cap of only 9 bln and would effectively be doing an LBO by piling on quite a bit of debt and taking a lower credit rating to do the deal, according to the paper.
Separately, the Journal, in another scoop, says Apollo Management is buying Realology (H), parent of Century 21 and Coldwell Bank for $6 bln.
Deals have been a great catalyst for the Wall Street bulls and may help to overcome the usual post quadruple witching Monday blues that often hit the market after a positive Friday close on those expirations.
No comments:
Post a Comment