30 January 2017

Walgreens slashes offer for Rite Aid, pushes back deadline

In this June 4, 2014, file photo, a person walks by a Walgreens retail store in Boston. Walgreens and Rite Aid are scrapping their acquisition agreement for an amended deal that calls for a lower price and the sale of up to 1,200 stores to ease regulatory worries about competition. The drugstore chains said Monday, Jan. 30, 2017, that Walgreens will buy shares of Rite Aid for $6.50 to $7 per share, depending on how many stores they need to divest.
Walgreens substantially lowered its offering price for drugstore rival Rite Aid and, facing resistance from U.S. regulators, raised the number of stores it would be willing to unload to ease monopoly concerns.
The companies initially expected to sell no more than 500 stores, but that was pushed to 1,200 under the new terms announced Monday.