9:29 AM Wed, Oct 29, 2008 | Permalink
By Business staff  Email this author | Email this entry |
CVS Caremark Corp. (CVS:NYSE) said this morning it has completed its tender offer for all of the outstanding common stock of Longs Drug Stores Corp. (LDG:NYSE).
About 28,317,338 shares of Longs were tendered, representing approximately 78.07% of the outstanding shares.
CVS Caremark expects to effect, without a vote or meeting of Longs' stockholders, a short-form merger on or about October 30, 2008 to complete the Longs acquisition.
Longs will be an indirect wholly owned subsidiary of CVS Caremark. Each of the remaining outstanding shares (other than any shares owned by CVS Caremark or its subsidiaries) will be converted into the right to receive the same $71.50 in cash per share, without interest, that was paid in the tender offer.
Following the merger, Longs' common stock will cease to be traded on the New York Stock Exchange.
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