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Rite Aid and Albertsons terminate merger


Added 08-09-18 12:04:02am EST - “Rite Aid shareholders felt the deal undervalued the company.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Rite Aid and Albertsons terminate merger”. Below is an excerpt from the article.

When the deal was announced in February, the combination of Rite Aid and Albertson’s was being called the creation of a pharmacy powerhouse.

“While we believed in the merits of the combination with Albertson’s, we have heard the views  expressed by our stockholders and are committed to moving forward and executing our strategic plan as a standalone company”, said Rite aid Chairman and Chief Executive John Standley.

Rite Aid stockholders basically felt the offer undervalued the company, but Albertson’s declined to change the terms of the deal.

Under the terms of the agreement, neither company will be responsible for payments to the other party.

The deal, when announced would have created a retail giant worth about $24 billion with annual revenues of $83 billion in its first year, serving 40 million customers in 38 states.

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