CVS Caremark extends tender for Longs

CVS Caremark Corp has extended the expiration for its tender offer to purchase all of the outstanding common shares of Longs Drug Stores, at a price of $71.50 each in cash, to midnight, New York City time at the end of October 15. All other terms and conditions of the tender offer remain unchanged.

CVS Caremark has received a copy of Walgreen's unsolicited, non-binding expression of interest received by Longs, which is subject to completion of due diligence and regulatory approval. As previously announced (Marketletter September 8), CVS Caremark has entered into a definitive merger agreement with Longs and commenced a cash tender offer of $71.50 per share for its outstanding shares.

Tom Ryan, chief executive of CVS Caremark, commented, "our offer represents a full and fair price for Longs' shares, and we stand firm on our price. Furthermore, the CVS Caremark's offer has cleared all regulatory hurdles and provides certainty of completion to Longs shareholders."