SunTrust Downgrades Longs Drug Stores (LDG) to Neutral
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SunTrust Robinson Humphrey downgrades Longs Drug Stores Corp (NYSE: LDG) from Buy to Neutral, following the buyout by CVS Caremark (NYSE: CVS). The firm expects antitrust approval of the deal an thinks LDG shareholders would be happy with the deal value.
After the close, CVS Caremark and Longs Drug Stores announced that they have entered into a definitive agreement under which CVS Caremark will acquire Longs for $71.50 per share in cash for a total purchase price of $2.9 billion including the assumption of net debt.
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