Walgreen attempts to outbid CVS for Longs Drug Stores

Walgreen offered to buy Longs Drug Stores for $75 per share, topping CVS Caremark's proposal of $71.50 per share. Longs said it will review the new bid, even though its board backed CVS' offer. CVS CEO Tom Ryan said the company will not raise its price because the deal "has cleared all regulatory hurdles and provides certainty of completion to Longs shareholders."

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Wall Street Journal (free content), The · Financial Times (free content)

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