Longs Drug Stores Corporation Shareholder Litigation
|Court:||Superior Court for the State of California, County of Contra Costa|
|Judge:||Hon. Barry Baskin|
|Case Contacts:||Blair A. Nicholas, Mark Lebovitch, Brett M. Middleton|
BLB&G commenced this action on behalf of Louisiana Municipal Police Employees’ Retirement System and other Longs shareholders on August 22, 2008, alleging that Longs’ agreement to be acquired by CVS Caremark for approximately $2.9 billion via tender offer might be greatly underestimating the true value of the company, and that the agreement itself contains terms that create several barriers preventing Longs shareholders from receiving full value for their shares.
As a result of commencing this action and conducting discovery, including document reviews and depositions, BLB&G negotiated and obtained significant additional disclosures from the defendants concerning the valuation of Longs’ real estate holdings. The Court granted preliminary approval of the settlement and a final settlement approval hearing was held on March 19, 2009. The Court has since approved the settlement in its entirety.