Longs Receives FTC Document and Information Request Regarding Walgreens' Expression of Interest
25 Settembre 2008 - 1:30PM
PR Newswire (US)
WALNUT CREEK, Calif., Sept. 25 /PRNewswire-FirstCall/ -- Longs Drug
Stores Corporation ("Longs") (NYSE:LDG) today announced that the
Federal Trade Commission (the "FTC") has requested that Longs
provide the FTC with documents and information in connection with
Walgreens' (NYSE:WAGNASDAQ:WAG) unsolicited, non-binding expression
of interest to acquire Longs. In the detailed 25-page request, the
FTC stated that it was investigating whether Walgreens' proposed
acquisition of Longs "may substantially lessen competition among
Retail Pharmacies in various portions of California, Nevada and
Hawaii." In addition, the FTC requested information regarding
several markets that had not been examined in the FTC's previous
review of the proposed Longs-CVS transaction, including Longs'
operations in Hawaii and Longs' mail order business. The FTC may
add to the request as its investigation progresses. Longs intends
to cooperate in the FTC's investigation. About Longs Drug Stores
Headquartered in Walnut Creek, California, Longs Drug Stores is one
of the most recognized retail drug store chains on the West Coast
and in Hawaii. The Company operates 524 retail pharmacies and
offers a wide assortment of merchandise focusing on health,
wellness, beauty and convenience. Longs also provides pharmacy
benefit management services and Medicare beneficiary prescription
drug plans through its wholly-owned subsidiary, RxAmerica, LLC.
Additional information about Longs and its services is available at
http://www.longs.com/ and more information about RxAmerica is
available at http://www.rxamerica.com/. Forward-looking statements
This announcement contains certain forward-looking statements.
These forward-looking statements may be identified by words such as
'believes', 'expects', 'anticipates', 'projects', 'intends',
'should', 'seeks', 'estimates', 'future' or similar expressions or
by discussion of, among other things, strategy, goals, plans or
intentions. Various factors may cause actual results to differ
materially in the future from those reflected in forward- looking
statements contained in this announcement, among others, the risks
that the expression of interest from Walgreens will not result in a
transaction with Longs, at the price set forth in the expression of
interest or otherwise, regulatory and litigation matters and risks;
risks that conditions to closing of the Company's transaction with
CVS may not be satisfied and other risks to consummation of the
Company's transaction with CVS, including the risk that the
transaction will not be consummated within the expected time
period. Additional Information and Where to Find It This
announcement is for informational purposes only and does not
constitute an offer to purchase or a solicitation of an offer to
sell Longs' common stock. The tender offer is being made pursuant
to a tender offer statement on Schedule TO (including the offer to
purchase, letter of transmittal and other related tender offer
materials) filed by CVS Caremark with the Securities and Exchange
Commission (SEC) on August 18, 2008. Longs filed a
solicitation/recommendation statement with respect to the tender
offer on Schedule 14D-9 on August 18, 2008. These materials, as
they may be amended from time to time, contain important
information, including the terms and conditions of the offer and
Longs' Board of Directors recommendation of the tender offer, that
should be read carefully before any decision is made with respect
to the tender offer. The solicitation/recommendation statement and
related materials may also be obtained for free by contacting (925)
979-3979. For Longs Drug Stores: Joele Frank / Steve Frankel /
Jamie Moser Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449
DATASOURCE: Longs Drug Stores Corporation CONTACT: Joele Frank, or
Steve Frankel, or Jamie Moser, all of Joele Frank, Wilkinson
Brimmer Katcher, +1-212-355-4449, for Longs Drug Stores Corporation
Web site: http://www.longs.com/
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