Walgreens Boots Alliance Inc (WBA)

[big-yank]

Milo, I am still sitting this out and awaiting the 9/28 conference call and forward guidance, not that I will necessarily take it at face value. I know that you like Wasson, but I think there is a 40%+ chance he will be flushed at that time and I would view that favorably.

Walgreens has a great brand platform and an enormous, somewhat entrenched Rx customer base and a dominant share of prime real estate in this sector. The Euro-expansion has enormously benefitted Walmart and could do the same for WAG if they choose to commoditize generics and drugstore staples, per the Walmart strategy here in the U.S. but I need to see some defined plan defining the future for Alliance/Boots.

I have said, previously, that I need to be comfortable with the rationale for the accelerated A/B purchase. If it was simply done, as ohers have suggested, to conceal the horrific metric impact of the ridiculous ESRX impasse, I will pass on another position, here. If it was done to fast-forward to an unemcumbered merged entity with consolidation costs off the books and a clear course forward... I might take a significant position, like 5K to start, and then see what develops.

I foresee no further buybacks and a slowed or zero growth rate in dividends, here, because of the added interest expense in closing out 100% of this deal. Interest rates are low which, I grant you, makes the timing of this deal fortunate. However, unless I missed something, I still believe Walgreens overpaid for this deal and Pessina and KKR took them to the woodshed of the unlubricated.

GLTA.