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.