The Jean Coutu Group Announces Sale of 40.5M Rite Aid Shares, Remaining Stake Equals 7.2%
On April 16, 2013, The Jean Coutu Group (PJC) Inc. completed the sale of 72,500,000 common shares of Rite Aid Corporation (NYSE: RAD) after filing of a notice in accordance with the provisions of Rule 144 under the U.S. Securities Act of 1933. The Jean Coutu Group filed today an amended notice with the U.S. Securities and Exchange Commission indicating its intent to dispose of up to 40,500,000 additional common shares among its 105,901,162 common shares of Rite Aid and the sale of these shares has been completed today at an average price of US $2.75 per share for a net proceed of US $110.8 million. A gain of US $50.0 million will be recorded in the Corporation's net profit during the second quarter of the 2014 fiscal year. The sale of these shares brings the Corporation's interest in Rite Aid's outstanding common shares down to 7.2%.
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