FTC investigating Walgreens bid for Longs

WALNUT CREEK, Calif. Longs Drug Stores has announced that the Federal Trade Commission has requested that Longs provide the FTC with documents and information in connection with Walgreens' unsolicited, non-binding expression of interest to acquire Longs.

In the detailed 25-page request, the FTC stated that it was investigating whether Walgreens' proposed acquisition of Longs "may substantially lessen competition among Retail Pharmacies in various portions of California, Nevada and Hawaii." In addition, the FTC requested information regarding several markets that had not been examined in the FTC's previous review of the proposed Longs-CVS transaction, including Longs' operations in Hawaii and Longs' mail order business. The FTC may add to the request as its investigation progresses. Longs intends to cooperate in the FTC's investigation.