Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers L > Headlines for Longs Drug Stores Corp. > News item |
CVS Caremark to acquire Longs by end of week
By Lisa Kerner
Charlotte, N.C., Oct. 29 - CVS Caremark Corp. said it will effect a short-form merger on or about Thursday to complete its acquisition of Longs Drug Stores Corp.
Each of the remaining outstanding shares of Longs will be converted into the right to receive the same $71.50 in cash per share, without interest, that was paid in CVS Caremark's tender offer for the company, a CVS Caremark news release said.
About 28,317,338 shares, or approximately 78.07% of Longs' outstanding shares, were tendered in CVS Caremark's initial and subsequent offering periods.
The subsequent offering period ended on Tuesday.
Once the merger is complete, Longs will be an indirect wholly owned subsidiary of CVS Caremark, a Woonsocket, R.I., drugstore chain.
Longs, also a drugstore chain, is based in Walnut Creek, Calif.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.