Jean Coutu sells another 72.5 million Rite Aid shares

Canadian retail pharmacy chain plans additional 40.5 million share sale

LONGUEUIL, Quebec — Canadian retail pharmacy chain the Jean Coutu Group continued offloading its shares in Rite Aid as it announced Wednesday the sale of 72.5 million shares in the Camp Hill, Pa.-based drug store chain.

At $2.75 per share, the sale is valued at about $199.4 million. The company also said it had filed a notice with the Securities and Exchange Commission to sell another 40.5 million shares for $110.8 million.

Jean Coutu holds about 105.9 million shares of Rite Aid, and the sale brings its share in the U.S. retailer down to 7.2%.

On April 16, the company sold 72.5 million shares in Rite Aid, which at the time brought its stake down to 11.7%, and Michel Coutu resigned from Rite Aid's board two days later.


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