Advisory Research backs CVS bid for Longs, sells 4,560 shares

By Susanna Moon

Chicago, Oct. 10 - Longs Drug Stores Corp. investor Advisory Research, Inc. said it is now backing the acquisition offer for the company by CVS Caremark Corp.

Advisory Research said it had changed its view after Walgreen Co. pulled its offer for the company and in light of "turmoil in the markets."

The investment firm will tender all its clients' holdings into CVS' offer.

Advisory Research also reported selling 4,560 company shares, according to a schedule 13-D filing with the Securities and Exchange Commission.

The company sold the shares at prices from $71.05 to $75.82 between Oct. 1 and Oct. 10.

As of the close of business on Oct. 9, the investor beneficially owned 3,295,893 shares, constituting 9.2% of outstanding stock.

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

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