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
New York
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 t…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
Marina Bay Sands Q1 profit surges 51.5% to US$597 million on tourism boom
Swiss watch exports plunge as China and Hong Kong demand dries up
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Billionaires selling cheap stuff get richer from inflation pain
Amazon to push cashierless shopping tech into more third-party stores, while backing off itself