Walgreen Withdraws $2.8B Offer for Longs Drug Stores
Walgreen has withdrawn its unsolicited $2.8 billion offer to purchase California-based Longs Drugs Stores. Walgreen made the offer last month after rival CVS Caremark's proposed $2.7 billion purchase of Longs had cleared regulatory hurdles. Members of the Longs board of directors said they would not consider Walgreen's higher offer because there were no assurances that it would receive regulatory approval.
- "Walgreen Withdraws Offer for Longs" (Goll, East Bay Business Times, 10/8).