Advisory Research tenders shares in CVS Caremark's offer for Longs Drug

By Lisa Kerner

Charlotte, N.C., Oct. 28 - Advisory Research, Inc. tendered the bulk of its 3,290,682 remaining shares of Longs Drug Stores Corp. in CVS Caremark Corp.'s subsequent offering period that ended Oct. 28.

The 3,290,112 shares were tendered on Oct. 22 for $71.50 each.

The investor also sold 340 shares on Oct. 11 for $68.70 each and 230 shares on Oct. 16 for $71.24 each, according to a schedule 13D/A filed with the Securities and Exchange Commission.

It was previously reported that approximately 27,749,072 shares, or 76.51%, of Longs' outstanding shares were validly tendered in CVS Caremark's initial tender offer ended Oct. 17.

Advisory Research initially backed an offer from Walgreen Co. to acquire Longs, a Walnut Creek, Calif., drugstore chain, but changed its view after Walgreen pulled the offer due to market turmoil.

CVS Caremark is a Woonsocket, R.I., drugstore chain. Walgreens, also a drugstore chain, is based in Deerfield, Ill.

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