Walgreens drops bid to buy Longs
The USA's largest drug store chain, Walgreens, has withdrawn its proposal to acquire all of the outstanding shares of Longs Drug Stores for $75 per share in cash. The offer was originally proposed on September 12, and declined by the board of directors of Longs in favor of the proposed acquisition by CVS/Caremark Corp announced on August 12 (Marketletters passim).
"While we believe we made a compelling proposal for Longs, we do not believe it would be in the best interests of Walgreens shareholders, customers or employees to allow this situation to remain unresolved for an extended period of time," said Walgreens chief executive Jeffrey Rein. "Walgreens has a strong balance sheet and robust cash flow. We will continue to focus on strategic initiatives that will maximize value for our shareholders," he noted.
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