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CVS Buys Longs Drug Stores

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Drug store chain CVS Caremark Corp., looking to build its West Coast presence, said Tuesday it would buy Longs Drug Stores Corp. in a deal valued at $2.7 billion.

The $71.50 per-share cash offer, announced after the end of trading Tuesday, was a 32 percent premium over Walnut Creek, Calif.-based Longs' closing price of $54.04.

Longs' shares soared 30 percent, or $16.21, to $70.25 in after-hours trading.

Including the assumption of the chain's roughly $200 million in debt, the deal is valued at about $2.9 billion.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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