Financial Times FT.com

CVS Caremark looks set to buy Longs

By Julie MacIntosh in New York

Published: October 17 2008 23:39 | Last updated: October 17 2008 23:39

CVS Caremark looked poised on Friday to clinch its hard-fought takeover of rival Longs Drug Stores, after announcing that its $71.50-per-share tender offer had attracted more than the required two-thirds of Longs’ outstanding shares.

CVS regained pole position in its bid to buy Longs last week after Walgreen, the largest US drug store operator, withdrew a higher offer for Longs.

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