CVS Caremark extends offer for Longs on news of Walgreen's $75-per-share bid

By Lisa Kerner

Charlotte, N.C., Sept. 15 - CVS Caremark Corp. extended its tender offer to purchase all of the outstanding common shares of Longs Drug Stores Corp. to midnight ET on Oct. 15 after Walgreen Co. offered $75 per share for Longs on Friday.

Longs' board of directors said it will consider the expression of interest from Walgreen, a Deerfield, Ill., drugstore operator. However, stockholders were urged to tender their shares in the CVS Caremark offer.

The Walgreen proposal is valued at approximately $3 billion, including the assumption of debt, and is subject to regulatory approvals and due diligence.

CVS Caremark president and chief executive officer Tom Ryan said his company's offer "has cleared all regulatory hurdles and provides certainty of completion to Longs shareholders."

Longs, a Walnut Creek, Calif., drugstore chain, agreed to be acquired by CVS Caremark in August for $2.9 billion including debt.

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