Free Appendix - District Court of Delaware - Delaware

Case 1:04-cv-01565-SLR

Document 124-10

Filed 04/17/2007

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Filed 04/17/2007

Page 29 of 30

.J

Ill

USL

MIPRo CAE
1IIVIDVAL
tLI.flI

fennis

Burton

President

JNI.IVIQtJJ

CARL

March

2000

STRICTLY

PRIVATE

AND CONFDtNTTAL

Corain I-ealthcaro

Corporaiion

do

Deutsche

Bane

Alex Brows

EHIBIT
/to1Q_ //

One South

Street

13a1imovcMaryand21202
Attention Joseph

Gutbuer Morrison

Christina

Lndks and Gentkmcn
ProCare submit
its

Pharmacy
to

Inc
the

CVS
of

ProCare
Coram

subsidiary

of

CVS
the

Corporation

is

picasud

to

offer

acquire

aSsets

Piescription

Services

Company
in

eased Purchase

upon

and

consistent

with been

the tents

and

conditions

contained

the attachcd

Asset

Agreement

which

has

marked
thirty

reflect

our proposed
five

changes

the

Reviscd
dolars the

to Agrcumcnt we arc prepared pay 34S0O000.00 in cash at closing for the

four

million assets

hundred

thousand
price

Companys
of
the

This purchase base

represenls

sum

of three

components
value

our
as

determination

Companys
unaudited dated
in

asset

value

inoludirig ccotin1s and

prcrruurfl receivable

inventory value
as

of thc December
Reccivable

31

1999

balance Fobruary

sheet

and

of

the

Accounts proidcd

Aging Report
yott will sce

25 2000

based
our
at

upon

other

information

us

As

the

Revised value

Acoment
may
differ

tletrrnination

of the Companys inventory
cii

value

and

accounts

receivable

the

closing

bescd

changes which

occur

in

the

Companys

business

Our
with

proposed

purchase

price the

also

assumes
lease

that

the retail

Company
pharmacy
fohn

will

reach

art

agreement
spccia1ly
to

Johns Hopkins

whereby

Companys

of

spae.an
will

its

pharmacy
at least

and pharmacy

benefit

management
reasonably

agreements
satisfactory profinbillty

with
to

Hopkins
terms

be

ctenaed

June

30

2002
to

on

terms

us which
the

must include
Vmaintains neck not
to

PBM
same

pricing

sufficient

maintain

brcak-evn

while

pharincy

the

reimbursement
purchase
to

levels

on

fee4or-servjce

basis

The Revised
if

Agreement

will arc

incLudc prior

price

adjustment

mechanism

to

be negotiated

these conditions

sarislicd

closing

We
whh
terms those modifications

are prcpared
set

to

enter

into

definitive

agrccrnent

with

terms

substantially

consistent additional these

out

in

this

letter to this

and

the

Revised

Agreement
and

We
stand

-understand ready
to

will

be necessary of

the Revised offer

Agrccmeng

we

negotiate

upon

your acceptance

CROWLEY
One CVSVDrIVe

0098

Woonoket

RI

02695

Tel

40

770-2090

Fax

401

76S-7803

A299

Case 1:04-cv-01565-SLR
.._

Document 124-10
IU_
dL.IS

Filed 04/17/2007

Page 30 of 30

Comm
March

Heathcare
J3anc

Corporation

do Dcutsche
2000

Alex Brown

Pagc2

Also
lvlarkcting

enclosed

ae

revised

vesioi1s well
as

of

the

Transitional

Services
allocation

Agrecmnent

and

the price

Services

Agreement
further

draft

proposal
if

of the

of purchase
is

which

can

be discussed

with

your

tax department

CVS ProCares

offer

accepred

Our

offer

is

not

conr.ingent

on

financing
credit

arid

we

will

cornpletc

this

proposed

transaction

using cash or funds

available

rinder

existing

lines

Approv.al dc1lnitiv irtcludin.g permits and

of

CVS
of

ProCares

Board

of

ircctors need
to

will

be

required
certain

before

entering

jt
and

agreement
expiration to

Obviously

we

wilt

also

obtain

governmental

approvals licenses
this

applicable

waiting

periods

under

Hart-Scott-Rodino
arc.vey familiar with

in order not
to

consummate any

the transaction complications

we
The

process other

do

anticipate closing

unusual

Reviscd

Agreement

includes

conditions

We
due
nature other

belicve will

we

have

completed
before review

most of our due
signing
the

diligence

exercise

Limited

additional in

diligence

be requircd
focusing

Revised

Agreement
accounts

mostly

confirmatory

and

mainly

on

of

the

Cotnpanys by
the

receivable

documents

and

information

which

has not yet

beer provided

Company

We

expect

theadditional

duo diligenCe

will.bc

completed

by Marcl

10 2000 we
devote
to offer

In

considcraLion

of

the our

Lime
offer

and
is

resources accepted

that

will

to

rho

transation

contemplated hereby
exclusivity
that
yoi.i

and

if

we
vill

wilt

expect

be

grantcd

oustomary

period

to

complete

the transaction

We

consider our our

withdrawn hi the event
in the

disclose

our offer or

any other information

regarding

intcrcst

Company

to

any

other

party

We
an

arc propared basis or

to

devote do

our

full

resources
to

and

energy

to

cmplcting
parties

this

transaction

on

expeditious questions

Please

not

hesitate

coznactme ProCares

or any of die proposal
to

listed the

clow

with
the

any

comments
forwai-d

regarding
to

CVS
from

acquire

assets

of

Cowpony

We

look

bearing

you

SinLcrely

Dennis

Burton

CROWLEY

0099

rsuvGoliath

Cvr Ltr.DOCcGunhM

A300