Jan. 16 (Bloomberg) -- George Paz, chief executive officer of Express Scripts Inc., speaks on a teleconference about the company's hostile exchange offer for Caremark Rx Inc. Express Scripts initiated an exchange offer for all shares outstanding of Caremark Rx Inc., seeking to push its $24.3 billion hostile bid past a $22.3 billion takeover offer from CVS Corp. Express Scripts' unsolicited offer was rejected last week by Caremark's board. Buying Caremark would make Express Scripts, based in Maryland Heights, Missouri, the largest manager of drug benefits in the U.S. David Myers also speaks. (Source: Express Scripts Inc.)

00:00 Myers: introductions and safe harbor clause
01:46 Myers: proxy statements
04:20 Paz: "superior value" of offer for Caremark
13:30 Paz: business model and cost savings
15:57 Paz: conflicts of CVS's bid for Caremark
17:49 Paz: differences in business models, clients
24:17 Paz: 2007 growth outlook for Express Scripts
25:22 Paz: "strength" of Express Scripts bid
26:38 Questions: Paz on regulatory approval
29:36 Paz: negotiations with Caremark
31:52 Paz: details of the exchange offer; filing
32:53 Paz: vertical vs. horizontal business models
37:44 Paz: role of Express Scripts shareholders
40:11 Paz: due diligence; integration strategy
43:03 Paz: Express Scripts "well positioned" for deal

Running time 44:04

Last Updated: January 16, 2007 12:39 EST