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Longs Drug Stores Confirms Receipt of Expression of Interest from Walgreens
Date:9/14/2008

WALNUT CREEK, Calif., Sept. 14 /PRNewswire-FirstCall/ -- Longs Drug Stores Corporation ("Longs") (NYSE: LDG) today confirmed that it had received an unsolicited, non-binding expression of interest from Walgreens. The expression of interest suggests an offer of $75.00 per share in cash for all of Longs' outstanding shares and is subject to diligence and negotiating a definitive agreement. Longs' Board of Directors will consider the expression of interest, with the assistance of its financial and legal advisors, in accordance with the terms of its existing merger agreement with CVS Caremark Corporation. Longs urges its stockholders to defer making any determination with respect to the proposal from Walgreens.

Longs cautioned that no assurances can be given that the expression of interest from Walgreens will result in a transaction with Longs, at the price set forth in the expression of interest or otherwise. Longs' Board of Directors continues to recommend to its stockholders that they accept the tender offer by CVS Caremark and tender their shares of Longs in that tender offer.

About Longs Drug Stores

Headquartered in Walnut Creek, California, Longs Drug Stores is one of the most recognized retail drug store chains on the West Coast and in Hawaii. The Company operates 521 retail pharmacies and offers a wide assortment of merchandise focusing on health, wellness, beauty and convenience. Longs also provides pharmacy benefit management services and Medicare beneficiary prescription drug plans through its wholly-owned subsidiary, RxAmerica, LLC. Additional information about Longs and its services is available at http://www.longs.com and more information about RxAmerica is ava
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SOURCE Longs Drug Stores Corporation
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