LDG Longs Drug Stores Corp

CVS Caremark Corporation (NYSE: CVS) announced today that it has extended the expiration for its tender offer to purchase all of the outstanding common stock of Longs Drug Stores Corporation (NYSE: LDG), at a price of $71.50 per share in cash, until 9:00 p.m., New York City time, on Thursday, October 16, 2008. All other terms and conditions of the tender offer remain unchanged. As of midnight on October 15, 2008 (the date on which the tender offer was scheduled to expire), approximately 23,895,286 shares have been tendered and not withdrawn pursuant to the tender offer, including 4,778,578 shares guaranteed to be delivered within the next three New York Stock Exchange trading days. The shares tendered and not withdrawn represent approximately 65.88% of the outstanding shares, including the shares guaranteed to be delivered, which represent approximately 13.18% of the outstanding shares. Tom Ryan, Chairman, President and CEO of CVS Caremark said, "As we previously stated, CVS Caremark's offer of $71.50 per share is our best and final offer. It has cleared all regulatory hurdles, is fully financed and ready to close. We look forward to completing our merger with Longs and welcoming our Longs colleagues to the CVS Caremark family." About CVS Caremark CVS Caremark is the largest provider of prescriptions in the nation. The Company fills or manages more than 1 billion prescriptions annually. Through its unmatched breadth of service offerings, CVS Caremark is transforming the delivery of health care services in the U.S. The Company is uniquely positioned to effectively manage costs and improve health care outcomes through its more than 6,300 CVS/pharmacy stores; its Caremark Pharmacy Services division (pharmacy benefit management, mail order and specialty pharmacy); its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com. General information about CVS Caremark is available through the Investor Relations section of the Company's Web site, at www.cvscaremark.com/investors, as well as through the press room section of the Company's Web site, at www.cvscaremark.com/newsroom. Forward-looking statements This announcement contains certain forward-looking statements. These forward-looking statements may be identified by words such as 'believes', 'expects', 'anticipates', 'projects', 'intends', 'should', 'seeks', 'estimates', 'future' or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this announcement, among others: (1) macroeconomic conditions and general industry conditions such as the competitive environment for retail pharmacy and pharmacy benefit management companies; (2) regulatory and litigation matters and risks; (3) legislative developments; (4) changes in tax and other laws and the effect of changes in general economic conditions; (5) the risk that a condition to closing of the transaction may not be satisfied; and (6) other risks to consummation of the transaction. Additional Information and Where to Find it This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell Longs' common stock. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the offer to purchase, letter of transmittal and other related tender offer materials) filed by CVS Caremark with the Securities and Exchange Commission (SEC) on August 18, 2008. Longs filed a solicitation/recommendation statement with respect to the tender offer on Schedule 14D-9 on August 18, 2008. These materials, as they may be amended from time to time, contain important information, including the terms and conditions of the offer and Longs' Board of Directors recommendation of the tender offer, that should be read carefully before any decision is made with respect to the tender offer. Investors and stockholders can obtain a free copy of these materials and other documents filed by CVS Caremark or Longs with the SEC at the website maintained by the SEC at www.sec.gov. The tender offer materials may also be obtained for free by contacting the information agent for the tender offer, Morrow & Co., at (203) 658-9400 or (877) 366-1576 (toll-free). The solicitation/recommendation statement and related materials may also be obtained for free by contacting (925) 979-3979. CVS Caremark Corporation (NYSE: CVS) announced today that it has extended the expiration for its tender offer to purchase all of the outstanding common stock of Longs Drug Stores Corporation (NYSE: LDG), at a price of $71.50 per share in cash, until 9:00 p.m., New York City time, on Thursday, October 16, 2008. All other terms and conditions of the tender offer remain unchanged. As of midnight on October 15, 2008 (the date on which the tender offer was scheduled to expire), approximately 23,895,286 shares have been tendered and not withdrawn pursuant to the tender offer, including 4,778,578 shares guaranteed to be delivered within the next three New York Stock Exchange trading days. The shares tendered and not withdrawn represent approximately 65.88% of the outstanding shares, including the shares guaranteed to be delivered, which represent approximately 13.18% of the outstanding shares. Tom Ryan, Chairman, President and CEO of CVS Caremark said, �As we previously stated, CVS Caremark�s offer�of $71.50 per share is our best and final offer. It has cleared all regulatory hurdles, is fully financed and ready to close. We look forward to completing our merger with Longs and welcoming our Longs colleagues to the CVS Caremark family.� About CVS Caremark CVS Caremark is the largest provider of prescriptions in the nation. The Company fills or manages more than 1 billion prescriptions annually. Through its unmatched breadth of service offerings, CVS Caremark is transforming the delivery of health care services in the U.S. The Company is uniquely positioned to effectively manage costs and improve health care outcomes through its more than 6,300 CVS/pharmacy stores; its Caremark Pharmacy Services division (pharmacy benefit management, mail order and specialty pharmacy); its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com. General information about CVS Caremark is available through the Investor Relations section of the Company�s Web site, at www.cvscaremark.com/investors, as well as through the press room section of the Company's Web site, at www.cvscaremark.com/newsroom. Forward-looking statements This announcement contains certain forward-looking statements. These forward-looking statements may be identified by words such as �believes�, �expects�, �anticipates�, �projects�, �intends�, �should�, �seeks�, �estimates�, �future� or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this announcement, among others: (1) macroeconomic conditions and general industry conditions such as the competitive environment for retail pharmacy and pharmacy benefit management companies; (2) regulatory and litigation matters and risks; (3) legislative developments; (4) changes in tax and other laws and the effect of changes in general economic conditions; (5) the risk that a condition to closing of the transaction may not be satisfied; and (6) other risks to consummation of the transaction. Additional Information and Where to Find it This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell Longs' common stock. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the offer to purchase, letter of transmittal and other related tender offer materials) filed by CVS Caremark with the Securities and Exchange Commission (SEC) on August 18, 2008. Longs filed a solicitation/recommendation statement with respect to the tender offer on Schedule 14D-9 on August 18, 2008. These materials, as they may be amended from time to time, contain important information, including the terms and conditions of the offer and Longs' Board of Directors recommendation of the tender offer, that should be read carefully before any decision is made with respect to the tender offer. Investors and stockholders can obtain a free copy of these materials and other documents filed by CVS Caremark or Longs with the SEC at the website maintained by the SEC at www.sec.gov. The tender offer materials may also be obtained for free by contacting the information agent for the tender offer, Morrow & Co., at (203) 658-9400 or (877) 366-1576 (toll-free). The solicitation/recommendation statement and related materials may also be obtained for free by contacting (925) 979-3979.