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Longs Shareholders Cinch CVS Caremark Deal
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OKLAHOMA CITY -- CVS Caremark (CVS Quote) has proven again it knows how to close a deal with its successful bid for Longs Drug Stores (LDG Quote).
By overcoming threats of a bidding war, CVS has managed to win control of Longs without raising its original $2.9 billion bid for the company. By Monday morning, CVS had convinced Longs investors to sell 76.5% of their shares at the company's original $71.50 offering price. CVS needed to secure just two-thirds of Longs' stock to seal the deal.
Longs' stock, up 2 cents to $71.47 Monday, reflected the finality of the situation. ...
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