Like its drugstore chain competition, Rite Aid also operates walk-in clinics that can deal with cases of the flu, sinus infections and other relatively minor complaints.
Rite Aid Corporation shares were trading at $2.21 per share on Tuesday morning, up $0.08 (+3.76%). "Taking care of customers and patients is a top priority".
Rite Aid transferred ownership of stores in Pepperell, Townsend, and around the Lowell area to Walgreens in January, said Jim Graham, a Walgreens spokesman.
Rite Aid, based in Camp Hill, Pa. with sales of $32.8 billion a year ago, has struggled with high debt levels and tough competition from CVS and Walgreen, as narrowing drugstore networks have pushed customers away from its stores.
In all, the new company is expected to serve more than 40 million US customers a week at around 4,900 locations, 4,350 pharmacy counters and 320 health clinics across the U.S.
"This powerful combination enables us to become a truly differentiated leader in delivering value, choice, and flexibility to meet customers' evolving food, health, and wellness needs", Standley said.
"The combined platform positions Rite Aid to capitalize on our pharmacy expertise and expand and enhance our pharmacy footprint", he said.
The merger would bring privately-backed Albertsons onto the New York Stock Exchange, finally taking the company public after years of speculation.
As for Rite Aid stores that will become a part of Albertsons, Flower said customers can now expect the store to continue normal business operations.
Current Rite Aid Chairman and Chief Executive Officer John Standley will step into the new role of Chief Executive Officer of the combined company once the merge is completed, and Albertsons' Chairman and Chief Executive Officer Bob Miller will be the company's Chairman. Rite Aid has $11 highest and $1.5 lowest target. The name of the combined company will be determined by transaction close. It is positive, as 57 investors sold Rite Aid Corporation shares while 77 reduced holdings. The transaction is expected to close during the second half of 2018. This move showcases the company's leadership hailing from both companies, and taking it a step further, the new singular company will have headquarters in both Boise, Idaho, and Camp Hill, Pennsylvania. The company was downgraded on Thursday, October 29 by Goldman Sachs. The Cerberus-led investment consortium includes Kimco Realty Corp., Klaff Realty, Lubert-Adler Partners LP and Schottenstein Stores Corp.
Immediately following completion of the merger, Albertsons will have approximately 392.9 million shares outstanding on a pro forma and fully diluted basis.
Albertsons, which did not disclose the deal's value, is offering either a share of its stock and $1.83 in cash or slightly more than a share for every 10 shares of Rite Aid.
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