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Reuters reports that when Longs Drug Stores decided to accept a $2.54 billion bid for the company by CVS Caremark, it essentially spurned a slightly smaller acquisition bid by Walgreen…though one report suggests that Walgreen walked away from the deal because of concerns that antitrust regulations would force it to divest certain properties.

The story notes that Walgreen could still launch a competing bid for Longs; as noted on MNB yesterday, there are reports that Longs is being pressured by one of its investors to hold out for a better price than the $2.54 billion price already agreed upon.

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