WOONSOCKET, R.I. — CVS Caremark here could complete its purchase of Longs Drug Stores, Walnut Creek, Calif., as early as today, according to media reports. The company was waiting for enough shares to be tendered for it to have two-thirds ownership, the reports said.
The deal, for $71.50 a share in cash, or about $2.5 billion, is coming together after Walgreen Co., Deerfield, Ill., dropped its rival bid for Longs. Walgreens’ chief executive officer, Jeffrey Rein, resigned shortly afterward.
Adding Longs’ 520 stores to its 6,200 stores should make CVS the undisputed largest chain drug retailer in the country. Longs’ stores have more average sales square footage than those of CVS and Walgreens, leading some in the industry to speculate that more of the floor space may be devoted to food.
Meanwhile, another report said Rite Aid, Camp Hill, Pa., might be de-listed from the New York Stock Exchange after its share value dropped to 75 cents.
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