Friday, September 19, 2008

Longs Drugs Fends Off Rival Bid

By Chris Thompson
Fri, Sep 19, 2008 at 4:44 PM

Attentive readers may recall that Longs Drug Stores, the Walnut-Creek drug store chain that has seen better days, is in the midst of being bought by the national pharmaceutical chain CVS Caremark. Wouldn't you know it, but rival chain Walgreen jumped in the running to snatch up the company, offering more than $3.50 per share than CVS? But according to the East Bay Business Times, Longs Drug Stores officials have rejected the offer, on the grounds that the Walgreen offer wasn't guaranteed and subject to delays while federal regulators reviewed the deal. So it's back to CVS for Longs. But it's always nice to be wanted.

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