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CVS reported to be in exclusive talks to buy Cano Health

Yahoo Finance Live anchors discuss reports that CVS is now in exclusive talks to acquire Cano Health.

Video Transcript

[AUDIO LOGO]

JULIE HYMAN: I want to bring you some quick breaking news on CVS. There is a report from Bloomberg that CVS is now in exclusive talks to buy Cano Health. That's the health provider that has clinics that is backed by Barry Stern, like the billionaire here. And there have been a lot of reports about who is in the running to buy the company, and indeed, Humana has first right of refusal through an agreement that it made with Cano in 2019.

So that's something to keep in mind as well. But you see the Cano health shares are up 10%. CVS had already been falling after some news on some new Medicare star ratings and how that might affect the company's profitability. But nonetheless, that move upward and I believe Cano is actually halted right now because of volatility after that big spike up in those shares.