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Rite Aid, Albertsons call off $24B merger

Camp Hill, Pa.-based Rite Aid and Albertsons, a Boise, Idaho-based grocery chain, terminated their planned $24 billion merger Aug. 8.

The companies agreed to call off the deal in the face of mounting pressure from investors, who argued the deal undervalued Rite Aid's retail business and its prescription drug benefit service, according to The Wall Street Journal.

"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," Rite Aid Chairman and CEO John Standley said in a press release.

The companies announced the deal in February, and Rite Aid shareholders were set to vote on the merger Aug. 9.

More articles on healthcare industry transactions:

For-profit hospital chain closes $78M deal for Washington health system
University of Kansas Health System acquires competing hospital
CHS divests 425-bed Florida hospital

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