CVS Caremark (CVS) Reports Tender Offer for Longs (LDG) at $71.50/Share Has Been Successful
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CVS Caremark Corporation (NYSE: CVS) today announced that its tender offer for shares of common stock of Longs Drug Stores Corporation (NYSE: LDG) at a price of $71.50 per share has been successful. The offer period expired at 6:00 p.m., New York City time, on Friday, October 17, 2008.
As of the expiration of the offer, a total of approximately 27,749,072 shares of Longs were validly tendered and not withdrawn (including approximately 3,144,720 shares delivered through notices of guaranteed delivery), representing approximately 76.51% of the outstanding shares. All conditions to the offer have now been satisfied. Accordingly, CVS Caremark has accepted for purchase all shares that were validly tendered during the offer and will deposit the funds for payment with the depositary today, Monday, October 20.
CVS Caremark Corporation operates retail pharmacy and pharmacy benefit management businesses in the United States.
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