Longs Drug Stores Corp. said the sale of the company to CVS Caremark Corp. is expected to be completed by the end of the month, following a sufficient number of shareholders agreeing to sell their stock in Longs to CVS last week.

CVS initially fell just short of obtaining approval from holders of two-thirds of Longs shares, but extended its $71.50-per-share tender offer until Friday night in a move that resulted in the company acquiring about 77 percent of Longs shares.

CVS may now pay $71.50 per share for all remaining Longs stock its doesn't own, and expects to do so by the end of the month to close the deal.

After the buyout is complete, Longs will become a wholly owned subsidiary of CVS. However, CVS said it will maintain the Longs name in Hawai'i while converting Mainland stores to the CVS brand.