In a 13D filing on Longs Drug Stores (NYSE: LDG), Advisory Research disclosed a 9.2% stake (3,304,287 shares) in the company and raised questions about the pending merger with CVS Caremark (NYSE: CVS). The firm is asking for additional information regarding the assets of the Company, specifically with respect to the valuation of the real estate owned and leased by the Company.
NOTE: It has also been reported that another large Longs Drug holder, Bill Ackman of Pershing Square Capital, has raised similar questions.
From the Filing:
"The Reporting Persons originally acquired the Common Stock for investment purposes in the ordinary course of business.
The Reporting Persons reviewed the proposed tender offer by Blue MergerSub Corp., an indirect wholly owned subsidiary of CVS Caremark Corporation ("CVS Caremark"), to purchase all outstanding shares of Common Stock of the Company (the "Offer").
To evaluate the Offering, the Reporting Persons asked the Company ...
This article: 757 words
Date Published: Aug 20, 2008 01:24PM
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