Walgreens

Walgreens, Rite Aid drop merger price, postpone closing

Walgreens, Rite Aid drop merger price, postpone closing

Walgreens Boots Alliance and Rite Aid are revising their proposed merger, slashing more than $2 billion from the purchase price and pushing the closing date back six months while they await regulatory approval.

The tentative deal, which was supposed to close Friday, is now scheduled to close July 31 to give the companies more time to get the thumbs-up from the Federal Trade Commission.

The deal, previously valued at $17.2 billion, including debt, is now valued at between $14 billion and $14.6 billion, said Walgreens spokesman Michael Polzin.

Deerfield-based Walgreens now will pay $6.50 to $7 a share for Rite Aid common stock, depending on how many Rite Aid stores...

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