CVS Caremark To Acquire Longs Drug Stores

August 13, 2008
/ Print / Reprints /
/ Text Size+

CVS Caremark Corp., Woonsocket, R.I,., and Longs Drug Stores Corp., Walnut Creek, Calif., announced that they have entered into a definitive agreement under which CVS Caremark will acquire Longs for $71.50 per share in cash, for a total purchase price of $2.9 billion, including the assumption of net debt. Through this acquisition, CVS Caremark will acquire Longs’ 521 retail drugstores in California, Hawaii, Nevada and Arizona, as well as its Rx America subsidiary, which offers prescription benefits management services to more than 8 million members and prescription drug plan benefits to approximately 450,000 Medicare beneficiaries.

“This transaction provides tremendous benefits to CVS Caremark by accelerating our expansion in very attractive drugstore markets and strengthening our geographic reach,” said Tom Ryan, chairman, president and CEO of CVS Caremark. “In fact, Longs has a significant presence in ten non-CVS markets that are among the top 100 drugstore markets in the country.”

Warren F. Bryant, chairman, president and CEO of Longs, stated, “The transaction represents an excellent opportunity for Longs to deliver significant and certain value to its shareholders while positioning its stores to thrive in the future for the benefit of its employees and customers.”

Did you enjoy this article? Click here to subscribe to Private Label Buyer.

You must login or register in order to post a comment.



Image Galleries

November 2014 New Food Products

This month's new food products are Flours, crepes, lollipops, several candy items, pancakes, dip, fish, raisins, pizza, almond milk, peanut butter, and a breakfast bowl.


Coming with a clear, comprehensive plan was the key to success for Longo Brothers Fruit Markets when the grocer decided to roll out a two-tier private label strategy, Jenny Longo and Robert Koss tell PLBuyer editor Chris Freeman in this podcast.

More Podcasts

Private Label Buyer Magazine

PLB November 2014 cover

November 2014

The November 2014 issue of Private Label Buyer - its last issue - includes articles about the retailer as manufacturer and OTC/healthcare items, as well as category insights on pizza and household goods. Check it out today!

Table Of Contents Subscribe

Private Label Segments

Which segment of private label will see the biggest growth over the next year?
View Results Poll Archive

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


facebook_40px twitter_40px  youtube_40pxlinkedin_40pxgoogle+ icon 40px

PLB Marketplace