Walgreen May Launch Hostile Longs Bid

Walgreen(WAG Quote) said it may take its bid to acquire Longs Drug Stores (LDG Quote)directly to Longs shareholders if the pharmacy chain refuses to discuss a deal.

In a letter sent to the board of Longs on Monday, Walgreen disputed Longs' position that it's not willing to accept the regulatory risks in connection with an acquisition. Walgreen also said Longs should have no concern with its ability to finance the proposed transaction.

"Our proposal is compelling -- it would deliver superior value to Longs stockholders relative to the CVS transaction and can be consummated without undue delay," said the letter from Jeffrey Rein, Walgreen chairman and CEO. ...