Walgreens substantially lowered its offering price for drugstore rival Rite Aid and raised the number of stores it would be willing to unload to ease monopoly concerns. The companies initially expected to sell no more than 500 stores, but that was pushed to 1,200 under the new terms announced Monday.
Category: Freds
Walgreens, Rite Aid shed 865 stores to close $9.4B deal new
Walgreens and Rite Aid will sell 865 stores to rival retailer Fred’s for $950 million, potentially removing the final roadblock thwarting a tie up between the nation’s largest and third-largest drugstore chains. Walgreens is working to close its $9.4 billion purchase of Rite Aid early next year.