Market Overview

A Timeline Of The Walgreens Boots Alliance/Rite Aid Merger

A Timeline Of The Walgreens Boots Alliance/Rite Aid Merger

Walgreens Boots Alliance Inc (NASDAQ: WBA) and Rite Aid Corporation (NYSE: RAD) disclosed that they have agreed to extend their merger date from October 27 current year to January 27, 2017. Both companies are confident in closing the transaction early next year.

The disclosure comes amid reports that Kroger Co (NYSE: KR) might not be interested in acquiring roughly hundreds of stores both Walgreens and Rite Aid have to divest to receive anti-trust regulatory approval.

While announcing fourth-quarter results on Thursday, Walgreens indicated that its pending acquisition of Rite Aid is making progress. The companies are required to divest about 500–1,000 stores to get the FTC approval.

Related Link: Walgreens Boots Alliances Reports Mixed Q4 Results

A Timeline

  • October 27, 2015: Walgreens and Rite Aid strike merger deal for $9.00 a share of about $17.2 billion.
  • February 4, 2016: Rite Aid revealed that its shareholders adopted Walgreens merger deal.
  • July 14, 2016: New York Post reported Walgreens was working with FTC to determine what it should do to get approval.
  • July 17, 2016: NY Post revealed that Walgreens was in discussions with FTC on the possible asset sales to get its approval.
  • August 24, 2016: Kroger Co was rumored as the possible buyer for acquiring both companies' stores.
  • October 19, 2016: Reports indicated that Kroger might not be interested in buying the stores.
  • October 20, 2016: Walgreens and Rite Aid extend their merger date to January 27, 2017.

At last check, Rite Aid was up 5.71 percent at 7.04, while Walgreens was up 3.64 percent at $79.99.

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