CVS Expects Longs Deal to Close by End of October

CVS Caremark said yesterday that its tender offer for shares of common stock of Longs Drug Stores Corp., Walnut Creek, Calif., at a price of $71.50 per share has been successful.

WOONSOCKET, R.I. — CVS Caremark here said yesterday that its tender offer for shares of common stock of Longs Drug Stores Corp., Walnut Creek, Calif., at a price of $71.50 per share has been successful. With 76.51% of Longs’ shares tendered, closing of the merger — which will involve the purchase by CVS Caremark of the remaining shares not yet tendered by Longs shareholders — is expected to occur by the end of this month, the company said. CVS Caremark said it has begun a subsequent offer for all remaining shares of Longs in order to give stockholders who have not yet tendered their shares the opportunity to do so. “We are very pleased with the strong response to our tender offer,” said Tom Ryan, chairman, president and chief executive officer of CVS Caremark. “Having now satisfied all closing conditions, we look forward to promptly purchasing the tendered shares and completing our merger with Longs.”

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