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$RAD Albertsons-Rite Aid merger announced RAD

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$Pistol Pete$ Member Level  Thursday, 03/08/18 01:18:40 AM
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$RAD Albertsons-Rite Aid merger announced RAD



By Dee Camp As of Tuesday, February 27, 2018 Sign in to favorite this Discuss
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BOISE, Idaho – Albertsons Companies and Rite Aid Corp. announced plans last week for a merger, but there’s no word yet on whether the Omak Rite Aid store will be part of the deal.

Boise-based Albertsons is one of the nation's largest grocery retailers and Rite Aid is one of the nation's leading drugstore chains.

“We don’t yet have a store list,” said Chris Wilcox, vice president of communications, public affairs and education for Albertsons. “It’s still fairly early on, so we have a lot of work to do yet.

“We will likely update the investor (Web) page with new info as it becomes available, but I don’t know that we would publish a complete store list. Store lists aren’t something that we typically share even under standard operating conditions.”

Rite Aid officials did not respond to a Chronicle request for comment.

Under the terms of the agreement, in exchange for every 10 shares of Rite Aid common stock, Rite Aid shareholders can receive either one share of Albertsons common stock plus approximately $1.83 in cash 1.079 shares of Albertsons stock.

Current Rite Aid Chairman and Chief Executive Officer John Standley will become CEO of the combined company, with current Albertsons Chairman and CEO Bob Miller serving as chairman. The combined company is expected to be comprised of leadership from both companies and will be dual headquartered in Boise, Idaho, and Camp Hill, Penn.

The integrated company will operate approximately 4,900 locations, 4,350 pharmacy counters and 320 clinics across 38 states and Washington, D.C.

The transaction has been approved by boards of both companies. The merger is expected to close early in the second half of calendar year 2018, subject to the approval of Rite Aid's shareholders, regulatory approvals and other customary closing conditions, said Albertsons.

In January, Rite Aid said it transferred 625 of its stores to Walgreens Boots Alliance and that Walgreen planned to buy 1,932 stores and three distribution centers from Rite Aid, according to Forbes.

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