Longs Drug Stores Pushes $2.9B Merger With CVS

Law360, New York (August 20, 2008, 12:00 AM EDT) -- Longs Drug Stores Corp. is urging shareholders to accept a $2.9 billion takeover offer from CVS Caremark Corp., the largest prescription provider in the U.S., after negotiation with an unnamed competitor stalled over regulatory concerns.

Longs recommended Monday that shareholders accept CVS's offer, which the Longs board approved last week, to purchase all of the company's outstanding shares for $71.50 per share and assume its net debt.

The drug-store chain pursued the deal with CVS after talks fell through with another of its competitors, which published...
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