Walgreens said that it had offered to buy the Longs Drug Stores Corporation for $3 billion, countering an offer from its rival, CVS Caremark, that had been spurned by top investors.

CVS Caremark said that it would buy its West Coast rival Longs Drugs Stores in a $2.54 billion deal that would allow it to expand in states like California.

NEW YORK (AP) — Drug store and pharmacy operator CVS Caremark said Thursday its second-quarter profit grew 7 percent due to improved sales at its retail drug stores.