Walgreens to buy rival Rite Aid for $17B

Walgreens Boots Alliance will buy rival Rite Aid Corp. for $17.2 billion cash, combining two of the three largest drugstore chains in the U.S. The deal is expected to close in the second half of 2016. Under the agreement, Walgreens will pay Rite Aid shareholders $9 per share in cash. Rite Aid will operate as a subsidiary and will keep its name for the time being. Rite Aid share prices spiked early Tuesday upon reports about the deal. Rite Aid’s stock price jumped dramatically, trading was halted,…
Source: bizjournals.com Health Care:Biotechnology headlines - Category: Biotechnology Source Type: news