Longs Drug Stores Rejects Walgreen’s Unsolicited Offer
Yesterday, Longs Drug Stores Rejected Walgreen's unsolicited offer to purchase the pharmacy chain, citing antitrust concerns and the length of the regulatory approval process. Walgreen offered to pay $75 per share for Longs stock, higher than rival CVS Caremark's offer of $71.50 per share. Walgreen officials said they would continue to pursue the offer.
- "Longs Rejects Walgreen Offer" (Colliver, San Francisco Chronicle, 9/18).