Merger of CVS Caremark, Longs Drugs one step closer to completion

By Lisa Kerner

Charlotte, N.C., Sept. 8 - The Hart-Scott-Rodino waiting period expired in CVS Caremark Corp.'s proposed tender offer for Longs Drugs Stores Corp., the companies announced.

CVS Caremark agreed in August to acquire Longs, a Walnut Creek, Calif., drugstore chain, for $71.50 per share, or a total of $2.9 billion including debt.

The merger is expected to close in the fourth quarter, it was previously reported.

CVS Caremark, based in Woonsocket, R.I., said that following the acquisition, it will fill or manage more than 1.2 billion prescriptions per year and will operate about 6,800 drugstores in 41 states and the District of Columbia.

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