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Drugstore.com, Walgreens talked for a year before deal

Drugstore.com rejected a pair of lower offers from Walgreen Co. during a yearlong courtship before accepting a third proposal worth about $429 million, the Bellevue, Wash.-based Internet retailer disclosed in a regulatory filing Wednesday.

Drugstore.com agreed March 23 to be bought by Walgreens, the nation’s largest drugstore chain, for $3.80 a share in cash, a 111 percent premium over the stock’s closing price a week earlier. The planned purchase, which is subject to approval by drugstore.com shareholders, is expected to be final by the end of June. Get the full story »

Walgreens to buy Drugstore.com for $400M

Customers at a Walgreens in Vernon Hills, Ill. (Lane Christiansen/Chicago Tribune)

Expanding further into the fast-growing business of online retail, Walgreen Co. said Thursday it will buy Drugstore.com for more than $400 million.

The deal comes just weeks after the Deerfield-based drugstore giant said it would shed its pharmacy benefit management business for more than $500 million. That deal, Walgreens said, would help it better focus on its primary business of serving customers’ daily health and living needs. Get the full story »