Longs Shakes Head At Walgreens' $3B Buyout Bid

Law360, New York (September 17, 2008, 12:00 AM EDT) -- Longs Drugs Stores Corp. said Wednesday it would duck out of buyout talks with Walgreen Co. after its legal and financial advisers determined that the unsolicited $3 billion bid could pose antitrust risks, opening the door again to its existing plan to be acquired by CVS Caremark Corp. for slightly less.

Longs President and CEO Warren F. Bryant said in a letter to Jeffrey A. Rein, Walgreens' chairman and CEO, that the Walnut Creek, Calif.-based company's board of directors had decided not to continue the discussions,...
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