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Walgreens ends attempt to buy Rite Aid

4 weeks 7 hours 40 minutes ago Thursday, June 29 2017 Jun 29, 2017 June 29, 2017 11:05 AM June 29, 2017 in News
Source: Associated Press
NEW YORK - Walgreens has ended its takeover pursuit of rival Rite Aid following resistance from U.S. regulators and will instead now buy stores, distribution centers and inventory in a new deal.
  
The proposed merger, first announced in 2015, was initially for about $9.4 billion but was whittled down to about $6.8 billion earlier this year.
  
Walgreens Boots Alliance will pay Rite Aid Corp. a $325 million termination fee. It will pay Fred's Pharmacy an additional $25 million following the termination of a related asset deal.
  
Under the new agreement, Walgreens will buy 2,186 stores, three distribution centers and related inventory from Rite Aid for approximately $5.18 billion.

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