CVS wants to go Long for $2.9 billion
August 12, 2008 by Tisa Silver
Filed under Finance
Longs Drug Stores has agreed to be acquired by CVS Caremark Corp.
CVS has over 6,000 stores nationwide and will acquire 521 Longs drugstore locations scattered across California, Hawaii, Arizona and Nevada. The deal will cost CVS approximately $2.9 billion.
Shares of Longs closed today at $54.04, but CVS offered to purchase the California based drug store chain for $71.50 per share. The news sent shares of Longs up over 30 percent in after-hours trading.
Anyone else wishing they had gone long on Longs?
