Notable Mergers and Acquisitions of the Day 10/16: CVS/LDG, BA, ESIO/ZIGO

October 16, 2008 9:57 AM EDT

• CVS Caremark Corporation (NYSE: CVS) has extended the expiration for its tender offer to purchase all of the outstanding common stock of Longs Drug Stores Corporation (NYSE: LDG), at a price of $71.50 per share in cash, until 9:00 p.m., New York City time, on Thursday, October 16, 2008. All other terms and conditions of the tender offer remain unchanged.
  
  As of midnight on October 15, 2008 (the date on which the tender offer was scheduled to expire), approximately 23,895,286 shares have been tendered and not withdrawn pursuant to the tender offer, including 4,778,578 shares guaranteed to be delivered within the next three New York Stock Exchange trading days. The shares tendered and not withdrawn represent approximately 65.88% of the outstanding shares, including the shares guaranteed to be delivered, which represent approximately 13.18% of the outstanding shares.
  
  
• The Boeing Company (NYSE: BA) today announced an agreement to acquire Federated Software Group, a St. Louis- based company whose engineering services and software systems help track and distribute equipment and personnel for the U.S. Department of Defense.
  
  Federated Software Group is the integrator for several critical command and control systems and provides engineering services for government contracting and billing systems. The U.S. Air Force Air Mobility Command uses Federated Software Group applications to track the planes, pilots, passengers and cargo involved in airlift and aerial refueling operations. The company's applications also are used by the U.S. Transportation Command to track and optimize air, land and sea mobility operations around the world.
  
  Terms of the cash transaction were not disclosed. Once acquired, Federated Software Group will operate within IDS Global Services & Support. This transaction, anticipated to close by the end of the year, does not affect Boeing's financial guidance.
  
  
• Electro Scientific Industries, Inc. (Nasdaq: ESIO) and Zygo Corporation (Nasdaq: ZIGO) entered into a definitive agreement under which the companies will merge in an all stock transaction.
  
  Under the terms of the merger agreement, Zygo shareholders will receive 1.0233 shares of ESI stock for each share of Zygo stock, in a tax-free transaction. Based on yesterday's closing price of ESI stock, this represents a value of $10.30 per share of Zygo common stock. Upon closing, ESI will issue approximately 18.1 million shares on a diluted basis to complete the transaction, resulting in 40% Zygo shareholder ownership of the combined company.

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