Rite Aid Shareholders announce sale merger with Walgreens
CAMPHILL, Pa – Rite Aid announced that its stockholders have voted to approve the adoption of the company’s $9.41-billion sale to Walgreens Boots Alliance, the parent company of the nation’s largest drugstore chain.
According to a news release from Rite Aid, approximately 97% of the votes cast at Thursday’s special meeting of stockholders voted in favor of the adoption of the Merger Agreement.
Under the deal announced in December of last year, Rite Aid will become a wholly owned direct subsidiary of Walgreens Boots Alliance.
Walgreens says it will pay $9 per share for Rite Aid’s common stock that such stockholder owns.
The companies expect to complete the sale in the second half of 2016, pending regulatory approval.
Rite Aid is the nation’s third-largest drugstore chain. It has nearly 4,600 stores in 31 states and the District of Columbia.
Walgreens, based in Deerfield, Illinois, operates 8,240 drugstores in all 50 states.