CVS Health (NYSE:CVS) +1.2% after-hours on news that a federal judge reviewing a U.S. Department of Justice decision to allow the company to merge with Aetna said the agreement was in fact legal under antitrust law.
The judge initially had balked at approving the merger conditions and insisted on hearing from critics of the deal, but finally decided to grant the motion to approve the consent agreement while also criticizing the common practice of companies’ closing multi-billion-dollar deals while the court review, required by the Tunney Act, was still in process.
“CVS Health and Aetna have been one company since November 2018, and today’s action by the District Court makes that 100% clear,” CVS says.
Date: September 10, 2019
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Source: AwesomeCapital
