CVS completes tender offer for Longs Drugs stocks
WOONSOCKET, R.I. CVS Caremark announced on Monday that its tender offer for Longs Drug Stores’ shares was successful and the deal is expected to close by the end of October.
“We are very pleased with the strong response to our tender offer. Having now satisfied all closing conditions, we look forward to promptly purchasing the tendered shares and completing our merger with Longs,” Tom Ryan, chairman, president and chief executive officer of CVS Caremark, said.
As of the expiration of the offer on Friday, Oct. 17, a total of almost 28 million shares of Longs were tendered and not withdrawn, including about 3 million shares delivered through notices of guaranteed delivery. This represents about 76.51 percent of the outstanding shares. CVS has accepted for purchase all shares that were validly tendered during the offer and will deposit the funds for payment with the depositary on Monday.
CVS Caremark also stated that it is commencing a subsequent offer for all remaining shares of Longs to permit stockholders who have not yet tendered their shares the opportunity to do so. This offering period will expire at 6 p.m., New York City time, on Oct. 28. During the subsequent period, the same $71.50 per share cash consideration offered during the initial offering period will be paid. Procedures for tendering shares during the subsequent offering period are the same as during the initial offering period except that no shares tendered during the subsequent offering period may be withdrawn and shares will be purchased on a “rolling basis” upon tender and acceptance.
GlaxoSmithKlines acquires Bristol-Myers Squibb’s Egyptian mature products business
LONDON GlaxoSmithKline has acquired the Egyptian mature products business of Bristol-Myers Squibb, the British drug maker announced Wednesday.
GSK said the acquisition, worth $210 million, is a move to accelerate sales growth and further extend its pharmaceutical portfolio in emerging markets.
“This acquisition is an important step forward in GSK’s strategy to accelerate sales growth in emerging markets,” GSK president for emerging markets Abbas Hussain said in a statement. “It will enable us to build and diversify our existing branded pharmaceuticals portfolio and signals our strong commitment to provide quality medicines to patients in Egypt and other countries in the Middle East and North Africa regions.”
‘Face the Nation’ anchor Schieffer to headline NACDS Foundation event
ALEXANDRIA, Va. The National Association of Chain Drug Stores Foundation revealed today that the keynote speaker at the 2008 annual NACDS Foundation Dinner will be Bob Schieffer, anchor of the CBS News’ Sunday public affairs broadcast “Face the Nation.” Schieffer, who also serves as CBS News chief Washington correspondent, will address attendees Dec. 2 at the Sheraton New York Hotel and Towers in New York City.
NACDS’ announcement is a timely one. Schieffer, one of the few broadcast or print journalists to have covered all four major beats in the nation’s capital—the White House, the Pentagon, the State Department and Capitol Hill, moderated the third and final Presidential debate this week.
“Bob Schieffer demonstrated as moderator of this week’s presidential debate that he asks the questions on the minds of Americans relating to political and national affairs in each of his broadcasts,” said Phil Schneider, NACDS Foundation president. “His conversational style enables him to delve into his stories and share a comprehensive look at the issues facing the country. The NACDS Foundation is delighted to have Mr. Schieffer as the keynote speaker at the 10th annual Foundation dinner this year.”