Pershing Square buys 8.8% interest in Longs Drug Stores

By Lisa Kerner

Charlotte, N.C., Aug. 5 - Investors led by Pershing Square Capital Management, LP bought 3,137,659 shares of Longs Drug Stores Corp. for an initial 8.8% stake in the company.

The shares were acquired between June 30 and July 29 for a total of $136,609,962, or an average of $43.58 per share, it was reported in a schedule 13D filed with the Securities and Exchange Commission.

In addition, Pershing and its affiliates have economic exposure to about 2,367,315 shares of common stock under certain cash-settled total return swaps, bringing their total economic exposure to 5,504,974 shares, or 15.4%, of the Walnut Creek, Calif., drug store chain's outstanding shares.

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