Walgreen Gives Up on Longs Bid
Walgreen Co. withdrew an unsolicited offer to buy smaller rival Longs Drug Stores Corp. on Wednesday, citing Longs’ unwillingness to enter into talks and a growing financial crisis hitting the U.S. economy.
Shares of Longs fell 4 percent in extended trading.
Walgreen had offered $75 per share for Longs, which had already agreed to a $71.50 per share buyout from CVS Caremark Corp.
Longs had repeatedly rejected the Walgreen bid, saying the overlap of both companies’ drug stores in certain U.S. states could raise regulatory problems and delay a deal.
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