The number of stores to be divested to Fred’s Pharmacy was reportedly a big sticking point, but has now been resolved.
Rite Aid Pharmacy & Business News
DSN examines what's trending now overall in oral care, as well as in-depth sales activity in the toothbrush and dental floss categories, highlighting new products hitting the beauty aisles.
Rite Aid shelves are lined with a large assortment of classic chocolate hearts, among other seasonal delights, for Valentine's Day.
Evercore ISI’s Ross Muken has reiterated his “buy” rating on Walgreens stock.
Under the terms of the amendment, Walgreens Boots Alliance will pay a maximum of $7 per share, down from $9 per share, and the end date is extended from Jan. 27 to July 31.
Citing sources close to the negotiations, The New York Post on Friday reported that private-equity giant Cerberus Capital may emerge as a possible white knight for Walgreens and Rite Aid by acquiring the 865 stores being divested. "Cerberus had participated in Walgreen’s December auction of the stores in question, losing to a winning bid of $950 million from regional drug chain Fred’s, according to two sources close to the situation," The Post reported. "Walgreens had rejected Cerberus’ bid partly because it was concerned the Federal Trade Commission would not approve a private-equity buyer, according to the sources." Either way, the deal is "not in danger of collapsing" even though the deal technically expires Friday, The Post added. (The New York Post)
If the Walgreens-Rite Aid deal is not extended, Walgreens may need to forfeit a $325 million termination fee, analysts noted.
"At this time, we are actively engaged in discussion with Rite Aid regarding how to proceed," Walgreens Boots Alliance CEO Stefano Pessina told shareholders. "These discussions include taking into account anything that is required to gain approval."
The New York Post late Tuesday night reported that neither Walgreens nor Rite Aid will the nix the deal if the they don't get regulatory approval by the deadline Jan. 27. “I assume that is correct,” a source with direct knowledge of the situation told The Post on Tuesday. "Rite Aid’s shares closed up 5 cents, at $6.95, well below the offer price," The Post added. "Its shares could fall below $4 if the deal is blocked, sources said." (The New York Post)
Rite Aid's chief human resources officer is responsible for all aspects of human resources, including training, recruitment, talent management, compensation, leadership development and diversity.