NEW YORK -- Two of the largest shareholders at Longs Drug Stores say they think CVS Caremark Corp.'s takeover offer does not reflect the full value of the company.
Despite the 32% premium CVS Caremark is willing to pay Longs shareholders, Advisory Research Inc. and the hedge fund Pershing Square Capital Management last month questioned whether CVS and Longs' own management team have underestimated the value of Longs' real estate assets.
Advisory Research, the largest single shareholder in Longs with 9.2% of its common stock, said in a Securities and Exchange Commission filing on August 20 that it had asked Longs for more information about the value put on the drug store chain's real estate assets.
Until they receive that information, Advisory executives say they will withhold deciding whether the offer is in the "best interests of its clients."
However, …
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