Medco shareholders approve merger with Express Scripts
With approximately 72% of the shares entitled to vote present in person or by proxy at a special meeting held today, shareholders adopted the agreement and plan of Merger dated July 20, 2011 by a margin of 99% to 1%, based on a preliminary tabulation.
In a non-binding advisory vote, shareholders also approved certain merger-related compensation arrangements for Medco's executive officers by a margin of 95% to 5%, based on a preliminary tabulation.
The merger is pending a parallel meeting of Express Scripts shareholders, required governmental consents, and other customary closing conditions. Medco expects the merger transaction to close in the first half of 2012.