Longs Drug Stores Confirms Receipt of Expression of Interest From Walgreens

Longs Drug Stores Corporation (”Longs”) has confirmed that it received an unsolicited, non-binding expression of interest from Walgreens. The expression of interest suggests an offer of $75.00 per share in cash for all of Longs’ outstanding shares and is subject to diligence and negotiating a definitive agreement.

Longs’ Board of Directors will consider the expression of interest, with the assistance of its financial and legal advisors, in accordance with the terms of its existing merger agreement with CVS Caremark Corporation. Longs has urged its stockholders to defer making any determination with respect to the proposal from Walgreens.

Longs cautioned that no assurances can be given that the expression of interest from Walgreens will result in a transaction with Longs, at the price set forth in the expression of interest or otherwise. Longs’ Board of Directors continues to recommend to its stockholders that they accept the tender offer by CVS Caremark and tender their shares of Longs in that tender offer.

Source: Longs Drug Stores Corp.

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