Notable Mergers and Acquisitions of the Day 10/9: WAG/LDG, TOPS
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- Walgreens (NYSE: WAG) withdrew its proposal to acquire all of the outstanding shares of Longs Drug Stores Corp. (NYSE: LDG) for $75 per share in cash.
Longs had declined the Walgreens offer in favor of the proposed acquisition by CVS/Caremark Corp. (NYSE: CVS).
Walgreen's CEO Jeffrey A. Rein said, "While we believe we made a compelling proposal for Longs, we do not believe it would be in the best interests of Walgreens shareholders, customers or employees to allow this situation to remain unresolved for an extended period of time."
- TOP Ships Inc. (Nasdaq: TOPS) is continuing discussions with an affiliate of George Economou regarding a possible acquisition of the Company. The exclusivity agreement originally set to expire on October 8, 2008 has been extended through October 22, 2008. The potential acquirer has informed the Company that the purchase price will be subject to further negotiations and will reflect prevailing market conditions.
All other terms and conditions of the agreement remain unchanged.
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