CVS completes tender offer for Longs Drugs stocks

WOONSOCKET, R.I. CVS Caremark announced on Monday that its tender offer for Longs Drug Stores’ shares was successful and the deal is expected to close by the end of October.

“We are very pleased with the strong response to our tender offer. Having now satisfied all closing conditions, we look forward to promptly purchasing the tendered shares and completing our merger with Longs,” Tom Ryan, chairman, president and chief executive officer of CVS Caremark, said.

As of the expiration of the offer on Friday, Oct. 17, a total of almost 28 million shares of Longs were tendered and not withdrawn, including about 3 million shares delivered through notices of guaranteed delivery. This represents about 76.51 percent of the outstanding shares. CVS has accepted for purchase all shares that were validly tendered during the offer and will deposit the funds for payment with the depositary on Monday.

CVS Caremark also stated that it is commencing a subsequent offer for all remaining shares of Longs to permit stockholders who have not yet tendered their shares the opportunity to do so. This offering period will expire at 6 p.m., New York City time, on Oct. 28. During the subsequent period, the same $71.50 per share cash consideration offered during the initial offering period will be paid. Procedures for tendering shares during the subsequent offering period are the same as during the initial offering period except that no shares tendered during the subsequent offering period may be withdrawn and shares will be purchased on a “rolling basis” upon tender and acceptance.