CVS Caremark once again extends offer, 77.55% of Longs outstanding shares tendered to date

By Lisa Kerner

Charlotte, N.C., Oct. 17 - For the second time in two days, CVS Caremark Corp. extended its $71.50-per-share tender offer for Longs Drug Stores Corp.

The offer is now slated to end at 6 p.m. ET on Oct. 17.

CVS Caremark, a Woonsocket, R.I., drugstore chain, had extended the offer to Oct. 16 from Oct. 15.

All other terms and conditions of the tender offer remain unchanged, a CVS Caremark news release said.

Approximately 28,127,479 shares have been tendered and not withdrawn, including 5,280,942 shares guaranteed to be delivered, or a total of 77.55% of Longs' outstanding shares.

"We are extending our tender offer merely to ensure completion of the share delivery process, and we look forward to closing the transaction," CVS Caremark president and chief executive officer Tom Ryan said in the release.

CVS Caremark said it expects to deposit the funds for payment with the depositary on Monday.

It was previously reported that about 23,895,286 shares, or 65.88%, of the Walnut Creek, Calif., drugstore chain's outstanding shares had been tendered in the offer as of midnight ET on Oct. 15.

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

© 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.