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Rite Aid shareholders approve Walgreens merger

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WBA is paying $9 per share for the acquisition

Rite Aid shareholders approve Walgreens merger

CAMP HILL, Pa. — Rite Aid Corp. stockholders have voted overwhelmingly to approve the company’s $17.2 billion deal to be acquired by Walgreens Boots Alliance Inc.

Approximately 97% of the votes cast at a special meeting of stockholders on Thursday were in favor of the deal. A quorum of 74% of Rite Aid’s total outstanding shares of common stock as of Dec. 18 voted.

In a separate item, 89% of votes approved compensation that will or may become payable to Rite Aid executive officers in connection with the merger. The vote was nonbinding.

WBA is paying Rite Aid shareholders $9 per share for the acquisition. The deal, expected to be completed in the second half of this year, is still subject to satisfaction of antitrust regulations.

The combination of Walgreens and Rite Aid stands to create the largest U.S. pharmacy retailer, with more than 12,800 stores across the country. Rite Aid, which had fiscal 2015 sales of $26.5 billion, operates about 4,560 stores in 31 states and the District of Columbia.

In December, WBA said it has completed $12.8 billion in term loan facilities as part of the financing for the deal to acquire Rite Aid, which was announced Oct. 27. The Federal Trade Commission, under the Hart-Scott-Rodino Antitrust Improvements Act, announced in December that it has requested additional information from WBA and Rite Aid regarding the proposed acquisition.


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