ST. LOUIS, Dec. 10, 2013 /PRNewswire/ -- Express Scripts Holding Company (Nasdaq: ESRX) announced that it has entered into an accelerated share repurchase, or ASR, transaction with Bank of America, N.A. to purchase shares of Express Scripts' common stock for an aggregate purchase price of $1,500 million. The ASR transaction is subject to customary terms and conditions and will be funded from cash on hand. Under the terms of the transaction, Express Scripts will initially receive approximately 20.1 million shares of its stock. At the end of the period for the ASR transaction, Express Scripts will either be required to deliver shares of its stock or the cash value thereof to Bank of America, or will receive additional shares from Bank of America, depending upon the daily volume-weighted average prices per share of Express Script's stock during such valuation period. The ASR transaction is expected to be completed by end of the second quarter of 2014.
The shares will be purchased pursuant to Express Scripts' previously announced share repurchase program.
About Express Scripts
Express Scripts (NASDAQ: ESRX) manages more than a billion prescriptions each year for tens of millions of patients. On behalf of our clients – employers, health plans, unions and government health programs – we make the use of prescription drugs safer and more affordable. Express Scripts uniquely combines three capabilities – behavioral sciences, clinical specialization and actionable data – to create Health Decision Science(SM), our innovative approach to help individuals make the best drug choices, pharmacy choices and health choices. Better decisions mean healthier outcomes.
Headquartered in St. Louis, Express Scripts provides integrated pharmacy benefit management services, including network-pharmacy claims processing, home delivery, specialty benefit management, benefit-design consultation, drug-utilization review, formulary management, and medical and drug data analysis services. The company also distributes a full range of biopharmaceutical products and provides extensive cost-management and patient-care services.
For more information, visit Lab.Express-Scripts.com or follow @ExpressScripts on Twitter.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements, including, but not limited to, statements related to the Company's plans, objectives, expectations (financial and otherwise) or intentions. Actual events may differ significantly from those projected or suggested in any forward-looking statements. Factors that may impact these forward-looking statements can be found in the Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on October 24, 2013 and Item 1A – "Risk Factors" in the Company's Annual Report on Form 10-K filed with the SEC on February 19, 2013. A copy of these documents can be found at the Investor Information section of Express Scripts' web site at http://www.express-scripts.com/corporate.
We do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Express Scripts Holding Company