August 10, 2018 Comments (0) Views: 1189 National News, Top National

Rite Aid, Albertsons Terminate Merger Agreement

Camp Hill, PA-based Rite Aid Corporation and Albertsons Companies Inc. have mutually agreed to terminate their merger agreement announced earlier this year. Boise, ID-based Albertsons had envisioned buying the drug store chain in a deal that would have brought in 2,569 drug stores, and created a company with $83 billion in annual revenue. The move was viewed as a way to remain competitive with rivals CVS Corp. and Walgreens, as well as Amazon.

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

A special meeting of Rite Aid’s stockholders, which was to be held on August 9, 2018, was called off. Neither company will be responsible for any payments to the other party as a result of the merger agreement termination.

Read more at Business Wire

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