Longs rebuffs Walgreen offer
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Longs Drug Stores Corp. repeated its refusal to enter buyout talks with Walgreen Co. or to share information with its larger rival.
Longs said Walgreen “has not presented a clear road map to completion” of a deal, and was not willing to assume any risk that the deal could be rejected or delayed by antitrust regulators.
Walgreen has offered to buy Longs for $75 a share, or $2.8 billion. But Longs has accepted CVS Caremark Corp.’s lower bid of $71.50 a share, or $2.7 billion.
Longs’ shares rose $1.58, or 2.1%, to $76.09, indicating that investors believe the company is worth even more than Walgreen has bid for it.
Longs said the CVS bid -- which has already been approved by regulators -- was more likely to be completed.
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