CVS Caremark accepts 76.51% of Longs Drug's shares, begins subsequent tender offer

By Lisa Kerner

Charlotte, N.C., Oct. 20 - CVS Caremark Corp. said a total of approximately 27,749,072 shares, or 76.51%, of Longs Drug Stores Corp. were validly tendered in CVS Caremark's tender offer ended Oct. 17.

The total includes 3,144,720 shares delivered through notices of guaranteed delivery, according to a CVS Caremark news release.

All shares validly tendered were accepted for purchase.

CVS Caremark, a Woonsocket, R.I., drugstore chain, announced a subsequent offer for all remaining shares of Longs at the same $71.50-per-share offer price.

The subsequent offer ends at 6 p.m. ET on Oct. 28.

"We are very pleased with the strong response to our tender offer," chairman, president and chief executive officer Tom Ryan said in the release. "Having now satisfied all closing conditions, we look forward to promptly purchasing the tendered shares and completing our merger with Longs."

Longs is a Walnut Creek, Calif., drugstore chain.

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