Longs Picks CVS Despite Walgreen's Higher Bid

Investor calls move 'unfair' to shareholders
By Ambreen Ali,  Newser User
Posted Sep 17, 2008 2:41 PM CDT
Walgreen made a higher bid to keep CVS from expanding its market share.   (AP Photo/Steven Senne, file)
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(Newser) – Longs Drugs today declined Walgreen’s premium buyout offer, opting for CVS’ in the pharmacy-market tussle, the AP reports. Longs’ largest shareholder calls the choice "totally unfair," but the board maintains that a Walgreen deal could get bogged down in antitrust review. Longs' stock dipped on the news, indicating that investors still expect a higher offer from one competitor or the other.