Woonsocket, R.I. CVS Caremark Corp. said Wednesday it has completed its tender offer for California-based Longs Drugs Stores Corp., and expects to close the $2.7 billion buyout Thursday.
CVS said a total of 28.3 million shares, or 78.1% of available Longs stock, was tendered in favor of its bid. It said the sale will close Thursday, after which Longs shares will no longer be publicly traded.
The company had said Oct. 13 that it had received the necessary support to close the deal.
CVS offered to buy Longs for $71.50 per share in August, and Walnut Creek, Calif.-based Longs supported the deal even after Walgreen Co. made a larger bid of $75 per share. The takeover will give CVS 521 additional existing stores, primarily in California but also in Hawaii, Arizona and Nevada.