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The Honolulu Advertiser
Updated at 3:01 p.m., Thursday, October 16, 2008

CVS extends tender offer for Longs Drug shares

Advertiser Staff

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• Retail
• Longs Drug Stores Corporation

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CVS Caremark Corp. extended its tender offer for Longs Drug Stores Corp. to 3 p.m. today after the percentage of shares tendered came in under the required two-thirds, Bloomberg News reported.

About 65.9 percent of outstanding shares were tendered by the end of yesterday, when the offer was scheduled to expire, Woonsocket, Rhode Island-based CVS said today in a statement. CVS made a $2.7 billion bid for the West Coast chain in August. Larger Walgreen Co. offered more to buy Longs a month later and then withdrew the bid on Oct. 8.

Longs Drug, which operates more than 500 drug stores in the Western U.S., is the largest drug store chain in Hawai'i.