UPDATE 1-Longs to weigh Walgreen bid; still backs CVS
(Adds details on offer, background)
NEW YORK, Sept 14 (Reuters) - Longs Drug Stores Corp LDG.N said on Sunday it will weigh a $75 per share takeover bid by Walgreen Co (WAG.N), but the drug store chain said for now it still recommends that shareholders accept an earlier tender offer by rival CVS Caremark Corp (CVS.N).
Longs said it will consider Walgreen's bid, which values it at $3 billion including debt, with the help of its financial and legal advisors, in accordance with the terms of its existing deal with CVS, to be bought for $71.50 per share.
Longs, which operates 521 pharmacies mostly in the western United States, said it urged its stockholders to defer making any determination with respect to the offer from Walgreen.
It cautioned that a deal with Walgreen could still fall through and therefore its board of directors continues to recommend that stockholders accept CVS's tender offer.
Walgreen said on Sept. 12 it was prepared to pay the $115 million termination fee that Longs would incur by terminating its deal with CVS. (Reporting by Martinne Geller; Editing by Andre Grenon)
