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Walgreens Bids for Longs Drug Stores

September 15, 2008
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Walgreen Co., Deerfield, Ill., said it proposed to acquire all of the outstanding shares of Longs Drug Stores Corp., Walnut Creek, Calif., for $75 per share in cash for a total purchase price of approximately $3 billion, including the assumption of debt.

In response, CVS/Caremark, Woonsocket, R.I., said it extended the expiration for its previously announced tender offer to purchase all of the outstanding common shares of Longs at a price of $71.50 per share in cash, to midnight, New York time at the end of Wednesday, Oct. 15, 2008.

Tom Ryan, chairman, president and CEO of CVS Caremark, commented, “Our offer represents a full and fair price for Longs shares, and we stand firm on our price. Furthermore, the CVS Caremark’s offer has cleared all regulatory hurdles and provides certainty of completion to Longs shareholders.”

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