Mintz Levin Advises CVS Caremark Corporation on its Acquisition of Longs Drugs Stores
11/6/2008
Boston, MA - Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. announced that it advised CVS Caremark Corporation (NYSE: CVS) in its successful tender offer to purchase more than 70 percent of the outstanding shares of Longs Drugs as well as in the subsequent acquisition of Longs' remaining shares.
The transactions, valued at approximately $2.9 billion, will add 521 retail pharmacies to CVS/Pharmacy, the retail division of CVS Caremark Corporation, in California, Nevada and Hawaii, as well as pharmacy benefit manager, Rx America. Mintz Levin represented CVS Caremark in many aspects of the transactions across several practice areas and offices including successfully obtaining the expiration of the antitrust Hart Scott-Rodino clearance from the Federal Trade Commission (FTC) within 15 days. The firm also advised CVS Caremark on the health care regulatory, real estate and environmental aspects of the transaction.
Mintz Levin member Bruce Sokler led the antitrust team on the transaction. Health law member Susan Berson advised on health care regulatory aspects and members David Alin, Stephen Friedberg, and David Gilbert provided counsel on real estate matters. Additionally, member Susan Phillips handled environmental issues surrounding the transaction.
In 2007, Mintz Levin advised CVS Corporation in the most important transaction in the company's history - its merger with Caremark Rx, Inc. - in a transaction valued at approximately $26 billion.
Mintz Levin is an AmLaw 100 law firm with offices in the US and the UK. The firm has exceptional depth in a broad range of practice areas, but our clients recognize that what sets us apart from other law firms is our industry focus. By truly understanding business drivers and industry trends, we are able to provide our clients with more than just legal advice; we provide legal solutions to our clients' business issues. Since 1933, our lawyers have represented entrepreneurs, emerging growth companies, Fortune 500 companies, government agencies, not-for-profit organizations and leaders in primary industries that include Life Sciences/Biotechnology; Technology & Communications; Energy & Clean Technology; Financial Services & Insurance; Healthcare; Real Estate, Hospitality & Construction; and Retail & Consumer Products. Our practical knowledge combined with our industry expertise enables us to provide our clients with enterprise legal advice that gives their business a competitive advantage in the marketplace.
