CVS extends tender offer for shares of Longs Drugs common stock

WOONSOCKET, R.I. To ensure completion of the share delivery process, CVS Caremark has extended the expiration for its tender offer to purchase all of the outstanding common stock of Longs Drug Stores until 6 p.m., New York City time, on Oct. 17.

As of 9 p.m. on Oct. 16 (the date on which the tender offer was scheduled to expire), approximately 28,127,479 shares had been tendered and not withdrawn pursuant to the tender offer, including 5,280,942 shares guaranteed to be delivered within the next three New York Stock Exchange trading days. The shares tendered and not withdrawn represent about 77.55 percent of the outstanding shares, including the shares guaranteed to be delivered, which represent about 14.56 percent of the outstanding shares.

CVS Caremark has extended the tender offer to allow the shares subject to guaranteed delivery procedures to be delivered to ensure that at least two-thirds of Longs’ outstanding shares are delivered prior to expiration of the tender offer. If, following the scheduled expiration of the offer on Oct. 17, CVS Caremark accepts the tendered shares for payment, CVS Caremark will deposit the funds for payment with the depositary on Oct. 20.

“We are extremely pleased that Longs shareholders have determined to tender more than 77 percent of Longs shares into our offer,” stated Tom Ryan, chairman, president and chief executive officer for CVS Caremark. “We are extending our tender offer merely to ensure completion of the share deliver process, and we look forward to closing the transaction.”