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Getting To Know Bill Ackman: Part VI Longs Drugs

Pershing Square started purchasing common stock and options of Longs Drug Stores Corporation at the end of June 2008 and, by the end of July 2008, accumulated an 8.8% beneficial ownership position and eventually obtained an approximately 25.8% economic stake in the company. On August 12, 2008, Longs Drug announced that it had entered into an agreement with CVS Caremark Corporation at a price of $71.50 per share. Pershing Square believed that...


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