Walgreens Tops CVS's Offer for Longs Drug Stores (LDG)
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Late Friday, Walgreens (NYSE: WAG) announced an offer to acquire Longs Drug Stores Corporation (NYSE: LDG) for $75 per share in cash. Walgreens' offer represents a $3.50 per share premium over the proposed acquisition of Longs by CVS/Caremark (NYSE: CVS) announced on Aug. 12.
Longs Drug Stores, which agreed to the CVS offer, has yet to respond to the new Walgreens offer.
Large shareholders of Longs Drug Stores, including Bill Ackman of Pershing Square Capital and Advisory Research, have publicly stated their opposition to the CVS/Longs merger, saying the bidding process was flawed and the offer was too low.
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