TrafficCourt

Walgreen Gives Up on Longs Bid

RSS
Walgreen Co. withdrew an unsolicited offer to buy smaller rival Longs Drug Stores Corp. on Wednesday, citing Longs' unwillingness to enter into talks and a growing financial crisis hitting the U.S. economy.

Shares of Longs fell 4 percent in extended trading.

Walgreen had offered $75 per share for Longs, which had already agreed to a $71.50 per share buyout from CVS Caremark Corp.

Longs had repeatedly rejected the Walgreen bid, saying the overlap of both companies' drug stores in certain U.S. states could raise regulatory problems and delay a deal.

Link

.

Please or Register to post comments.

What's TrafficCourt?

Industry news, views and occasional strange stuff.

Contributors

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...
Blog Archive
National Real Estate Investor Related Sites

Sponsored Introduction Continue on to (or wait seconds) ×