CVS extends tender offer expiration date for Longs Drugs stock

WOONSOCKET, R.I. CVS Caremark has extended the expiration for its tender offer to purchase all of the outstanding common stock of Longs Drug Stores, at a price of $71.50 per share in cash, until 9 p.m., New York City time, on Oct. 16.

All other terms and conditions of the tender offer remain unchanged.

As of midnight on Oct. 15 (the date on which the tender offer was scheduled to expire), approximately 23,895,286 shares had been tendered and not withdrawn pursuant to the tender offer, including 4,778,578 shares guaranteed to be delivered within the next three New York Stock Exchange trading days.

The shares tendered and not withdrawn represent approximately 65.88 percent of the outstanding shares, including the shares guaranteed to be delivered, which represent approximately 13.18 percent of the outstanding shares.

“As we previously stated, CVS Caremark’s offer of $71.50 per share is our best and final offer. It has cleared all regulatory hurdles, is fully financed and ready to close. We look forward to completing our merger with Longs and welcoming our Longs colleagues to the CVS Caremark family,” Tom Ryan, chairman, president and chief executive officer of CVS Caremark said.

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