Bill Ackman says the CVS (CVS) offer for Longs Drug(LDG) is way too low.
Says Ackman:
“With owned real estate of $1.3 billion and leased full service real estate of $1.6 billion, the Company’s real estate assets alone are worth $2.9 billion, or approximately $71.50 per share. In effect, CVS is buying Longs’ real estate and is getting its PBM business and retail operations for free.”
Disclosure (“none” means no position):None
Visit the ValuePlays Bookstore for Great Investing Books