CVS Caremark completes tender offer for Longs

WOONSOCKET, R.I. CVS Caremark has announced that its tender offer for shares of common stock of Longs Drug Stores at a price of $71.50 per share has been successful.

As of the expiration of the offer, a total of approximately 27,749,072 shares of Longs were validly tendered and not withdrawn (including approximately 3,144,720 shares delivered through notices of guaranteed delivery), representing approximately 76.51% of the outstanding shares. All conditions to the offer have now been satisfied. Accordingly, CVS Caremark has accepted for purchase all shares that were validly tendered during the offer and will deposit the funds for payment with the depositary today, Monday, October 20.

Tom Ryan, chairman, president and ceo of CVS Caremark commented, “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.”