Projo Biz Blog

Woonsocket-based CVS Caremark Corp. (CVS:NYSE) today reminded stockholders of Longs Drug Stores Corp. (LDG:NYSE) to tender their shares at the offer of $71.50 per share in cash by the expiration date at midnight on Wednesday.

Tom Ryan, chairman, president and chief executive officer of CVS Caremark, said, "CVS Caremark's offer of $71.50 per share is our best and final offer. It has cleared all regulatory hurdles and is fully financed and ready to close. Further, our offer represents a compelling opportunity for Longs stockholders to realize substantial and certain value for their shares under extraordinarily difficult economic and financing conditions."

CVS has offered $2.7-billion to takeover the California-based drug store chain.

CVS became the only bidder after Walgreen Co. last week withdrew its $2.8-billion bid.
If approved the deal will give CVS, the second-largest U.S. chain, 521 stores, for a total of 6,800. The acquisition also gives CVS a foothold in Nevada and Arizona, and locations in California and Hawaii. Longs is based in Walnut Creek, Calif.

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