This should be interesting news to people living in Hawaii.
The acquisition of Longs' 521 stores will add to CVS's presence in California and will give it a leading position in Hawaii, where it doesn't operate. Longs' stores are also located in Nevada and Arizona.
CVS will pay $71.50 per share for Longs, including its Rx America subsidiary, a prescription benefits management services company with over 8 million members. Longs shares closed at $54.04 before the news on Tuesday, but surged nearly 30 percent in extended trading on the deal.
I wonder if competition between them and Walgreen's is going to lower prices for prescription drugs in Hawaii? I have been shopping at Walgreen's every few days after they opened across the street from me and I have to say that I am impressed. They stock quite a few different foods that aren't seen in Hawaii so I'm hoping CVS will follow suit.
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