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Walgreens vs. CVS: A Drug Store War Looms for Longs
CVS Caremark thought it had Longs Drug Stores in the bag after announcing a $2.61 billion merger agreement Aug. 12. But Longs' two biggest institutional owners pushed for a better offer, and on Friday they got one: Walgreens offered $3 billion for the West Coast chain. by Lisa Everitt
Tags: CVS Corp., Walgreen Co., Longs Drug Stores, Real Estate, Corporate Law, Mergers & Acquisitions, Financial Accounting, Business Operations, Investment, Finance, Lisa Everitt
Blog posts 2008-09-15

Additional Resources

Walgreen drops Longs bid
WALNUT CREEK -- And then there was one. Walgreen Co. on Wednesday dropped its $2.8 billion offer to buy Longs Drug Stores Corp., leaving CVS Caremark Corp., which had bid $2.7 billion, as the sole suitor for Longs. It's entirely possible, though, that CVS may seek to...
Articles 2008-10-08
How to have a good break-up
Life Support ESSENTIAL SKILLS FOR THE MODERN WORLD COOL OFF So, the deed is done and the world is topsy-turvy. Take a long break before you speak to your ex again. Three weeks is the absolute minimum time you need to gather your...
Articles 2008-10-06
Longs Drug Stores Opens New Store in Sanger
WALNUT CREEK, Calif., Oct. 3 /PRNewswire-FirstCall/ -- Longs Drug Stores Corporation announced today that it will open a new Longs Drugs store in Sanger, California. At Noon on Saturday, October 4th Longs Drugs will hold a ribbon cutting ceremony to celebrate the new store opening and...
Articles 2008-10-03
CVS Caremark Cites Numerous Inaccuracies in Antitrust Memo Submitted to Longs Board
WOONSOCKET, R.I. -- CVS Caremark Corporation (NYSE:CVS) today took strong exception with a memorandum recently submitted to the Board of Directors of Longs Drug Stores Corporation (NYSE:LDG) by a law firm retained by CtW Investment Group, as follows: We are aware that the Board of Directors of Longs...
Articles 2008-10-03
Beacon Equity Issues Technical Trade Alerts on Drug Store Stocks: WAG, CVS, MHS, LDG, RAD, PMC
DALLAS, Sept. 30 /PRNewswire/ -- BeaconEquity.com announces the availability of Trade Alerts on stocks making news today. Investors can view all of the daily trading notes for free by visiting: http://www.beaconequity.com/m Today's Trade Alerts include: Walgreen Co. , CVS Caremark Corp. , MedcoHealth Solutions Inc....
Articles 2008-09-30
Longs Drug Stores Opens New Store in Madera
New store is 3rd Longs Drugs in Madera WALNUT CREEK, Calif., Sept. 26 /PRNewswire-FirstCall/ -- Longs Drug Stores Corporation announced today that it will open a new Longs Drugs store in Madera, California. At Noon on Saturday, September 27th Longs Drugs will hold a...
Articles 2008-09-26
Longs Receives FTC Document and Information Request Regarding Walgreens' Expression of Interest
WALNUT CREEK, Calif., Sept. 25 /PRNewswire-FirstCall/ -- Longs Drug Stores Corporation ("Longs") today announced that the Federal Trade Commission (the "FTC") 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...
Articles 2008-09-25
CVS Caremark Comments on FTC Investigation into Anti-Trust Aspects of Walgreens Proposal to Acquire Longs
WOONSOCKET, R.I. -- In response to the press release issued earlier today by Longs Drug Stores Corporation (NYSE:LDG) regarding the investigation by the Federal Trade Commission into the antitrust implications of a possible acquisition of Longs by Walgreens, CVS Caremark Corporation (NYSE:CVS) issued the following statement: "The opening...
Articles 2008-09-25
Longs Drug Announces Immunization Program for the 2008/2009 Flu Season
WALNUT CREEK, Calif., Sept. 25 /PRNewswire-FirstCall/ -- Longs Drugs announced its flu immunization program at more than 400 stores in three Western states to help residents of those communities stay healthy and take preventative steps to combat the annual flu season. Longs is offering several convenient options...
Articles 2008-09-25
Longs Issues Statement
WALNUT CREEK, Calif., Sept. 23 /PRNewswire-FirstCall/ -- Longs Drug Stores Corporation ("Longs") today issued the following statement in response to the Walgreens announcement: As we indicated on September 17, the Longs Board of Directors determined not to furnish information to, nor have discussions and...
Articles 2008-09-23
Longs won't negotiate with Walgeen
Walnut Creek-based Longs Drug Stores Corp. on Tuesday repeated its refusal to enter buyout talks with Walgreen Co., or share information with its larger rival. Longs said Walgreen "has not presented a clear roadmap to completion" of a deal, and is not willing to assume any...
Articles 2008-09-23
Walgreens Issues Letter to Longs Drug Stores Board of Directors
DEERFIELD, Ill. -- Walgreen Co. (NYSE: WAG) (NASDAQ: WAG) sent the following letter to the Longs Drug Stores board of directors on Monday afternoon: [TABLE OMITTED...
Articles 2008-09-22
GE Digital Cameras Continue to Grow Presence with Move into Longs Drug
TORRANCE, Calif. -- General Imaging, the worldwide exclusive licensee for GE digital cameras, announced today that it is expanding its presence in the chain-drug category, adding West Coast-based Longs Drug to its growing list of retailers carrying the camera line. Under the agreement, Longs stores will stock three...
Articles 2008-09-18
Longs Declines to Enter Into Discussions With Walgreens
WALNUT CREEK, Calif., Sept. 17 /PRNewswire-FirstCall/ -- Longs Drug Stores Corporation ("Longs") today announced today that its Board of Directors, after careful consultation with its legal and financial advisors, determined not to furnish information to, nor have discussions and negotiations with, Walgreens which had sent Longs an...
Articles 2008-09-17
CVS/Longs deal won't deter Rite Aid's West Coast plans
CVS Caremark's acquisition of Longs Drug Stores last month certainly places increased pressure on Rite Aid's West Coast operations. The new CVS California footprint catapults that chain ahead of Rite Aid as the biggest drug store chain in the state--830 pending store closures versus Rite Aid's 606. California...
Articles 2008-09-08
Questions about CVS' purchase of Longs raised
WALNUT CREEK, Calif. -- Although the board of Longs Drug Stores Corp. has advised its shareholders to accept the $2.5 billion ($2.9 billion including assumed debt) takeover offer from CVS Caremark Corp., questions about the value of the chain's real estate may prove a hurdle to completing the deal on...
Articles 2008-09-08
Drug stores
DRUG STORESDrug Store Current Previous Close Close ...
Articles 2008-09-08
Cash dividend from Longs
CASH DIVIDEND FROM LONGS: The board of directors of Longs Drug Stores has declared a quarterly cash dividend on common shares of 14 cents per share, payable on October 10 to stockholders of record at the close of business on August 26...
Articles 2008-09-08
Hawaii to keep 'homegrown' Longs name
HONOLULU -- Assuming the CVS acquisition goes through as planned later this year, Longs Drug will disappear from the retail landscape in California after a 70-year run, but that won't be the case in Hawaii. "We will leave the Hawaiian market as Longs," said CVS chairman and chief...
Articles 2008-09-08
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