CVS Caremark extends offer; 65.88% of Longs' outstanding shares tendered to date

By Lisa Kerner

Charlotte, N.C., Oct. 16 - CVS Caremark Corp. extended its tender offer for Longs Drug Stores Corp. by one day to 9 p.m. ET on Oct. 16.

As of midnight ET on Oct. 15, approximately 23,895,286 shares had been tendered and not withdrawn, including 4,778,578 shares guaranteed to be delivered, for a total of 65.88% of the outstanding shares of Longs.

"As we previously stated, CVS Caremark's offer of $71.50 per share is our best and final offer," CVS Caremark chief executive officer Tom Ryan said in a company news release.

The proposed merger "has cleared all regulatory hurdles, is fully financed and ready to close," Ryan added.

Last week it was announced that Walgreen Co. dropped its bid for Longs, a Walnut Creek, Calif., drugstore chain, in part because the company refused to negotiate and also due to the worsening economic situation.

Walgreen, a Deerfield, Ill., drugstore chain, offered $75.00 per share for Longs.

CVS Caremark is a Woonsocket, R.I., drugstore chain.

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