CVS-Longs Drug deal edges closer to finish line (at MarketWatch)

By Matt Andrejczak, MarketWatch SAN FRANCISCO (MarketWatch) -- CVS Caremark Corp. is edging closer to the finish line for its purchase of Longs Drug Stores, a deal that has faced shareholder opposition. Walgreen Co. dropped its rival bid this week. Now, Longs' top shareholder says it supports CVS' lower offer, while another large Longs shareholder says it hasn't found another buyer willingly to buy the West Coast drug-store chain. In a regulatory filing Friday, Advisory Research, which owns 9.2% of Longs' outstanding common stock, said it will tender its shares to CVS before the Oct. 15 deadline. Advisory said it is accepting the deal due to the "turmoil in the markets" and Walgreen's decision to abandon its higher bid of $75 a share in cash. CVS plans to pay $71.50 a share in cash. Pershing Square Capital Management said... [read full story]