Exhibit (a)(1)(I)
FOR IMMEDIATE RELEASE
Media Contact: John Bloomfield (201) 269-6400
Investor Contact: Laura Jordan (908) 423-5185
HART-SCOTT-RODINO WAITING PERIOD EXPIRES FOR MERCK-MEDCO
ACQUISITION OF PROVANTAGE HEALTH SERVICES, INC.
FRANKLIN LAKES, N.J., June 2, 2000 - Merck-Medco Managed Care, L.L.C.,
the pharmaceutical benefit services subsidiary of Merck & Co., Inc.
(NYSE:MRK), announced today that the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, applicable to
Merck-Medco's previously announced tender offer for all of the outstanding
shares of common stock of ProVantage Health Services, Inc. (NYSE: PHS), par
value $0.01 per share, has expired. As a result, Merck-Medco said that the
condition of the tender offer relating to the expiration of the applicable
Hart-Scott-Rodino waiting period has been satisfied.
Merck-Medco, through a wholly owned subsidiary, previously commenced a
cash tender offer of $12.25 per share for all issued and outstanding shares
of common stock of ProVantage. The tender offer, which is being made
pursuant to an Agreement and Plan of Merger dated as of Thursday, May 4,
2000, is scheduled to expire at 12:00 midnight, Eastern Daylight Time, on
Wednesday, June 14, 2000, unless extended. Following the consummation of
the tender offer, Merck-Medco intends to complete a merger to acquire any
shares of ProVantage common stock that are not tendered in the offer.
Merck-Medco expects to complete the acquisition by the end of June.
J.P. Morgan is acting as Dealer Manager, Norwest Bank Minnesota is
acting as depositary and Morrow & Co. is acting as information agent for
the tender offer.
This news release does not constitute an offer to purchase any
securities, nor solicitation of a proxy, consent or authorization for or
with respect to a meeting of the shareowners of Merck & Co., Inc. or
ProVantage Health Services, Inc. or any action in lieu of a meeting. Any
solicitations will be made only pursuant to separate materials in
compliance with the requirements of applicable federal and state securities
laws.
ProVantage, headquartered in Waukesha, Wisconsin, is a health-care
benefits management and health information company with health benefit
management and health information technology divisions.
Merck-Medco is the nation's leading provider of high-quality,
affordable prescription-drug care, serving benefit plans of employers,
unions, commercial and government health plans that provide benefits to
more than 52 million Americans, including 14 million older Americans.
Additional information about Merck-Medco is available at
www.merckmedco.com.
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This release contains forward-looking statements as defined in Section
21E of the Securities Exchange Act of 1934, including statements about
future business operations, financial performance and market conditions.
Such forward-looking statements involve risks and uncertainties
inherent in business forecasts.
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