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Walgreen Withdraws Bid for Longs

Longs had previously accepted an offer to merger with CVS Caremark.


withdrew its proposal on Wednesday to acquire

Longs Drug Stores


for $75 a share in cash.

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Walgreen offered to buy Longs for about $2.8 billion on Sept. 12. Longs had already accepted an earlier offer of $71.50 a share from

CVS Caremark

(CVS) - Get CVS Health Corporation Report


"While we believe we made a compelling proposal for Longs, we do not believe it would be in the best interests of Walgreens shareholders, customers or employees to allow this situation to remain unresolved for an extended period of time," said Walgreen Chairman and CEO Jeffrey A. Rein in a statement. "Walgreens has a strong balance sheet and robust cash flow. We will continue to focus on strategic initiatives that will maximize value for our shareholders."