CtW Investment Group Calls on Longs to Conduct Auction to Sell the Company
Published September 17th, 2008
The CtW Investment Group sent the following letter today to Dr. Mary S. Metz, the Chairperson of Longs’ Governance and Nominating Committee. The CtW Investment Group urges the Longs board to establish a special committee of independent directors to conduct an auction for the company. The Group argues that Walgreens’ offer of $75 a share, while also accepting more anti-trust risk than CVS, demonstrates that the process through which the Longs’ board approved and recommended the CVS offer was badly flawed. Only an openly competitive auction, in which all interested parties may obtain information and submit offers for the company, will ensure that shareholders receive the highest price available.
Web site: http://www.ctwinvestmentgroup.com/
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