CVS Caremark to acquire Longs by end of week

By Lisa Kerner

Charlotte, N.C., Oct. 29 - CVS Caremark Corp. said it will effect a short-form merger on or about Thursday to complete its acquisition of Longs Drug Stores Corp.

Each of the remaining outstanding shares of Longs will be converted into the right to receive the same $71.50 in cash per share, without interest, that was paid in CVS Caremark's tender offer for the company, a CVS Caremark news release said.

About 28,317,338 shares, or approximately 78.07% of Longs' outstanding shares, were tendered in CVS Caremark's initial and subsequent offering periods.

The subsequent offering period ended on Tuesday.

Once the merger is complete, Longs will be an indirect wholly owned subsidiary of CVS Caremark, a Woonsocket, R.I., drugstore chain.

Longs, also a drugstore chain, is based in Walnut Creek, Calif.

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