CVS says it standing by its offer for Longs
CVS says it not changing its $2.7B offer for Longs despite rival bid from Walgreen
CVS Caremark says it is leaving its $2.7 billion bid for Longs Drug Stores unchanged, despite it being topped by rival Walgreen.
Woonsocket-based CVS said Sunday it was extending its $71.50-per-share tender offer for Longs until Oct. 15. The tender was due to expire on Monday.
"All other terms and conditions of the tender offer remain unchanged," CVS said in a statement.
On Friday, Deerfield, Ill.-based Walgreen Co. offered to buy Longs for $75 a share, or about $2.8 billion, hoping to unseat the offer from CVS, which Longs has already accepted.
Walnut Creek, Calif-based Longs said Sunday it was reviewing Walgreen's offer "terms of its existing merger agreement with CVS Caremark."
Copyright 2008 AP News
