Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

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

(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.

Walgreen made a higher bid to keep CVS from expanding its market share.
Walgreen made a higher bid to keep CVS from expanding its market share.   (AP Photo/Steven Senne, file)
Longs Drugs rejected a Walgreen buyout offer with a $3.50 premium per share over CVS.
Longs Drugs rejected a Walgreen buyout offer with a $3.50 premium per share over CVS.   (AP Photo/Paul Sakuma)
Investors say CVS is lowballing Longs' assets.
Investors say CVS is lowballing Longs' assets.   (AP Photo/Lisa Poole, file)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

SF Votes Today on Tobacco Sales Ban


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne