Market Currents

• Tuesday, September 23, 2008

• 07:05 AM After Longs Drug Stores (LDG) rejected merger talks, Walgreen (WAG) may attempt a hostile takeover. Longs plans to be acquired by CVS Caremark (CVS) for $2.57B. Walgreen is offering $2.7B. Comment!

• Wednesday, September 17, 2008

• 09:11 AM Longs Drug Stores (LDG) isn't willing to enter merger discussions with Walgreen (WAG), saying WAG has not presented a clear roadmap and isn't compensating LDG for a potentially lengthy delay. LDG -1.7% premarket. Comment!

• Friday, September 12, 2008

• 21:58 PM Walgreen (WAG) makes surprise bid for Longs Drugs (LDG) of $75/share, $3.50/share higher than the already accepted CVS/Caremark (CVS) offer. Comment!

• Thursday, September 11, 2008

• 09:48 AM Longs Drug Stores (LDG) agrees to settle shareholder lawsuits over the $2.6B CVS Caremark (CVS) takeover, and admits it never sought a third-party valuation of its real estate holdings before approving the merger. Comment!

• Thursday, September 4, 2008

• 15:46 PM Shareholders of Longs Drug Stores (LDG) continue to worry about CVS Caremark's (CVS) $2.7B bid. The latest concern: the $71.50/share offer undervalues Longs' real estate holdings, with store locations alone worth over $1B. Comment!

• Thursday, August 21, 2008

• 08:23 AM Advisory Research, the largest Longs Drug Stores (LDG) shareholder, wants regulators to intervene in the $2.9B CVS (CVS) bid for Longs. At issue is whether the bid represents a fair valuation - Longs' store properties alone are worth over $1B. Comment!

• Wednesday, August 20, 2008

• 16:06 PM Longs Drug Stores (LDG): Q2 EPS of $0.78 beats by $0.02. Revenue of $1.33B (+4.6%) in-line. [PR] Comment!

• Tuesday, August 12, 2008

• 16:44 PM CVS Caremark (CVS) is acquiring Longs Drug Stores (LDG) for $71.50/share cash, vs. today's close of $54.04. Comment!

• Wednesday, June 4, 2008

• 11:06 AM Longs Drug Stores (LDG) +1.1% -- rumors of a possible takeover. CVS? Comment!