Walgreens to Acquire drugstore.com, inc. for $3.80 per Share Totaling $429M

Walgreen Co. WAG WAG and online retailer drugstore.com, inc. DSCM today announced a definitive merger agreement pursuant to which Walgreens will acquire drugstore.com in a transaction with a total enterprise value of approximately $409 million. Under the terms of the merger agreement, drugstore.com stockholders will receive $3.80 in cash for each share of stock, which represents an equity value of approximately $429 million. The price per share is a premium of approximately 102 percent over drugstore.com's 30-day average closing stock price, and a premium of approximately 113 percent over the closing price of drugstore.com's common stock on March 23, 2011, the last trading day prior to today's announcement.