- Portfolio Prep for Next Week: 'Don't Get Crazy'
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Surprising Options Trades in TiVo Shares
- 10 Dividend Picks For Your Portfolio: Chief Investors
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Retail Earnings and Sales to Improve in Q4: Analyst
- 4 Food Stocks to Stuff in Your Portfolio: Analyst
- S&P at 1050-1200 Trading Range Next Year: Strategist
MOST SHARED
- Tiger Woods Out of Hospital After Accident
- Get Paid Six Figures to Wear a T-Shirt?
- 8 Retailers that Gain During the Holidays
- Dubai Spooks Investors But May Bring Buying Opportunity
- Finding the Holiday's Best Buys
- Global Selloff From Dubai Woes Shows Signs of Winding Down
- Dubai Fallout Is a Correction, Not Another Crisis: El-Erian
- Longer Lines, Fuller Carts This Black Friday
- The Good Entrepreneur Winner
- Banks Play Down Dubai Exposure, Investors Still Wary
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
- Global Selloff From Dubai Shows Signs of Winding Down
- Dubai Stock Selloff May Bring Buying Opportunity
- Tiger Woods Out of Hospital After Accident
- Dubai Fallout Is a Correction, Not Another Crisis: El-Erian
- Dubai's Debt Woes Signal New Era for Creditors
- Get Paid Six Figures to Wear a T-Shirt?
- The World's Biggest Debtor Nations
- Five Tips for Buying a Foreclosed Home
- Slideshow: Fantasy Christmas Gifts 2009
RSS FEED
CNBC Stock Blog
Text Size 
"I very rarely like to make stock recommendations," hedge fund manager William Ackman of Pershing Square Capital Management told CNBC. "I'll point out an 'interesting opportunity.'"
Recommendations:
"Long's Drugs [LDG
Loading...
()
] is trading at a nickel above a cash tender offer that CVS [CVS
Loading...
()
] is holding open to acquire the company," he said.
"Under the terms of the deal, the tender offer has to remain open until August 2009, or they get a two-thirds tender from the people who own the stock."
Ackman says Long's was never shopped, and that the offer from CVS appears to have followed word of another bid, presumably from Walgreen [WAG
Loading...
()
].
"(Long's) is a company that reached the end of its strategic life, had an incredible market position in California and Hawaii," he explained. "It owned a PBM (pharmacy benefits management unit) that was incredible undervalued...and it was an asset that we thought Walgreen, CVS, Walmart [WMT
Loading...
()
] would be interested in acquiring."
_______________________
New from CNBC.com:
_______________________
Disclosure:
Ackman's firm owns shares of Long's Drugs.
Data is a real-time snapshot *Data is delayed at least 15 minutes