Caremark Inc. and Baxter Travenol Laboratories Inc. said they have made initial filings with the Federal Trade Commission and the antitrust division of the Department of Justice regarding their proposed merger. The filings contain information that will allow the agencies to determine whether the merger violates any antitrust laws.
Newport Beach-based Caremark, operator of a nationwide in-home intravenous therapy service, said May 11 that it had signed a definitive agreement under which Baxter Travenol would exchange $21.33 worth of its common stock for each share of Caremark, for a total of approximately $528 million. Baxter Travenol, the Illinois-based health-care products manufacturer, also operates an in-home intravenous therapy system.
The transaction is expected to be completed by Sept. 1, subject to a variety of conditions, including the approval of Caremark stockholders and expiration of the waiting period under federal antitrust law.