"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 .
"(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 would be interested in acquiring."
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Ackman's firm owns shares of Long's Drugs.