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J.C. Penney Gets Bids on Eckerd.

Knight Ridder/Tribune Business News

| November 22, 2003 | COPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

By Maria Halkias, The Dallas Morning News Knight Ridder/Tribune Business News

Nov. 22--J.C. Penney Co. said Friday that it's still deciding what it will do with Eckerd, even as interested buyers -- CVS Corp. among them -- turned in initial bids for the drugstore chain, people familiar with the matter said.

Buyout firm Kohlberg Kravis Roberts & Co. joined with CVS in a bid for Eckerd. Canada's No. 2 drugstore chain, Jean Coutu, made an offer together with the Blackstone Group LP.

CVS is expanding into Texas and Florida, Eckerd's two biggest states, and could make a big leap in market share with Eckerd properties there. KKR is the controlling …

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