At the agreed-upon $207-a-share deal price, more than $230 million is expected to come from already-vested stock-appreciation rights Mr. Bertolini holds for Aetna shares. A fluctuation in the value of CVS shares, which fell 4.6% Monday, could change the value of the payout. CVS Chief Executive Larry Merlo has been tapped to run the combined company, and Mr. Bertolini won’t have an operational role. Mr. Bertolini, 61 years old, has long been viewed as an empire builder, not a seller. Still, Mr. Bertolini has said the companies studied the AT&T challenge and that the proposed Aetna-CVS tie-up was fundamentally different from an antitrust perspective.

Source: Wall Street Journal December 05, 2017 13:30 UTC