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Walgreens drops Longs bid

This article was originally published in The Tan Sheet

Executive Summary

Walgreens withdraws its proposed purchase of all outstanding shares of Longs Drug Stores Corp. in light of the Longs' board's decision to accept the tender offer made by CVS/Caremark, Walgreens CEO Jeffrey A. Rein says in an Oct. 8 letter. Walgreens' offer of $75 per share was rejected by Longs in September (1"The Tan Sheet" Sept 22, 2008, In Brief). Rein announced Oct. 10 he was leaving after 26 years with the company, effective immediately. The Deerfield, Ill.-based company named Alan G. McNally, lead director of its board, as chairman and acting CEO

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