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CVS’ Longs offer questioned

This article was originally published in The Tan Sheet

Executive Summary

CtW Investment Group urges Longs Drug Stores Corp., which CVS recently moved to purchase, to disclose the full value of its real estate portfolio through an independent third-party appraisal so Longs' shareholders can "make a fully informed decision" about CVS' offer (1"The Tan Sheet" Aug. 18, 2008, p. 19). Meanwhile, Longs' board has declined to consider a competing offer from Walgreens. CtW believes CVS' tender offer "undervalues the company's real estate assets" by between 18 and 26 percent, according to a Sept. 2 letter to Longs. The group says it is "disturbed by the news that Longs entered into a previously undisclosed agreement with CVS/Caremark not to reveal the value of its real estate portfolio.

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