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its official: cvs takes over longs
CVS Caremark Successfully Completes Tender Offer for Longs Shares
Expects to Effect Merger on October 30, 2008
Last update: 8:30 a.m. EDT Oct. 29, 2008
WOONSOCKET, R.I., Oct 29, 2008 (BUSINESS WIRE) -- CVS Caremark Corporation announced that it successfully completed the subsequent offering period of its tender offer for all of the outstanding common stock of Longs Drug Stores Corporation. The subsequent offering period for the tender offer expired at 6:00 p.m., New York City time, on Tuesday, October 28, 2008. 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% of the outstanding shares. All tendered shares have been accepted for payment by CVS Caremark.
CVS Caremark expects to effect, without a vote or meeting of Longs' stockholders, a short-form merger on or about October 30, 2008 to complete the Longs acquisition. Following the merger, Longs will be an indirect wholly owned subsidiary of CVS Caremark. In the merger, each of the remaining outstanding shares (other than any shares owned by CVS Caremark 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.