Walgreen To Acquire Drugstore.com For $429 Million

[engine]

Walgreen To Acquire Drugstore.com For $429 Million [bloomberg.com]

Walgreen Co. (WAG), the largest U.S. drugstore chain, agreed to buy Drugstore.com Inc. (DSCM) for about $429 million to add about 60,000 products available online.

Drugstore.com holders will receive $3.80 in cash for each of their shares, in a transaction with an enterprise value of $409 million, Deerfield, Illinois-based Walgreen said today in a statement. That’s a 112 percent premium to Drugstore.com’s closing share price of $1.79 yesterday.

[walkman]

Smart for Walgreen. Drugstore does have a decent reputation and the internet is it.