Walgreens, Rite Aid cut merger deal price, may sell more stores
Walgreens to pay about US$7b for Rite Aid, down from US$9.4b, in bid to clear regulatory hurdle
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WALGREENS Boots Alliance Inc and Rite Aid Corp's giant drugstore merger got smaller Monday after the companies, facing roadblocks from antitrust regulators, cut the value of the deal by at least US$2 billion and said they may divest more stores to gain approval.
Walgreens will now pay US$6.50 to US$7 a share for Rite Aid, the companies said in a statement, giving the deal a value of US$6.84 billion to US$7.37 billion. That's down from US$9 a share, or US$9.4 billion, announced in 2015. The exact price will depend on how many stores the companies have to divest, as they raised the ceiling to 1,200 stores, up from 1,000.
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