CVS completes tender for Longs Drugs acquisition

WOONSOCKET, R.I. CVS Caremark has successfully completed the subsequent offering period of its tender offer for all of the outstanding common stock of Longs Drug Stores, and expects to effect the merger on or about Oct. 30.

The subsequent offering period for the tender offer expired at 6 p.m., New York City time, on Oct. 28. A total of approximately 28,317,338 shares of Longs were tendered in the initial and subsequent offering periods of the offer, representing approximately 78.07 percent of the outstanding shares.

CVS expects to effect, without a vote or meeting of Longs’ stockholders, a short-form merger on or about Oct. 30 to complete the Longs acquisition.

In the merger, each of the remaining outstanding shares (other than any shares owned by CVS or its subsidiaries) will be converted into the right to receive the same $71.50 in cash per share, without interest, that was paid in the tender offer.

Following the merger, Longs’ common stock will cease to be traded on the New York Stock Exchange.