By Pete Brush

Law360, New York (March 24, 2011, 11:58 AM ET) -- Walgreen Co. said Thursday it would acquire online retailer Drugstore.com and its stable of Web properties for $409 million, two weeks after the pharmacy giant unloaded a benefits management business for $525 million in cash.

Drugstore.com stockholders will get $3.80 in cash for each share of stock, a premium of 102 percent over the Bellevue, Wash.-based target company's 30-day average closing stock price, the companies said.

"Drugstore.com's well-recognized presence in the health, personal care, beauty and vision categories, including such strong websites as Drugstore.com, Beauty.com, SkinStore.com...