Walgreen withdrew its proposal on Wednesday to acquire Longs Drug Stores ( LDG) for $75 a share in cash.

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).

"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."

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