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Rite Aid Corp (RAD.N)

RAD.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Rite Aid gets regulatory clearance to sell 1,932 stores and related assets for $4.38 bln to Walgreens
Tuesday, 19 Sep 2017 08:00am EDT 

Sept 19 (Reuters) - Rite Aid Corp :Rite Aid secures regulatory clearance to sell 1,932 stores and related assets for $4.375 billion to Walgreens Boots Alliance under amended and restated agreement.Rite Aid Corp - ‍hart-Scott-Rodino waiting period expires for proposed transaction​.Rite Aid Corp - ‍rite Aid to significantly reduce debt and strengthen balance sheet​.Rite Aid Corp - ‍decision to retain these stores follows discussions between Rite Aid and WBA, as well as U.S. Federal Trade Commission​.Rite Aid Corp - ‍transaction has been approved by boards of directors of Rite Aid and WBA​.Rite Aid Corp - will retain approximately 250 additional stores as compared to prior agreement announced between Rite Aid and WBA in June 2017​.Rite Aid Corp - Rite Aid and WBA expect to transfer ownership of stores in phases beginning in October 2017​.Rite Aid Corp - ‍goal of completing transfer of all stores in spring of 2018​.Rite Aid - expects to use substantial majority of net proceeds from transaction to repay existing indebtedness.Rite Aid Corp - ‍expects that gain it will record on sale of assets will be largely offset by its net operating loss carryforwards​.Rite Aid - ‍immediately after completion of deal, co to continue to operate about 2,600 stores and six distribution centers as well as EnvisionRx​.Rite Aid Corp - Rite Aid also has option to purchase generic drugs that are sourced through an affiliate of Walgreens.  Full Article

Walgreens expects to realize annual synergies from new Rite Aid deal of over $300 mln
Tuesday, 19 Sep 2017 08:00am EDT 

Sept 19 (Reuters) - Walgreens Boots Alliance Inc::Restated purchase agreement with Rite Aid replaces one in June, which included 2,186 stores, related assets for $5.18 billion .Does not expect deal to have a significant impact to adjusted earnings per share in its fiscal year ending 31 August 2018​.Company expects to realize annual synergies from new Rite Aid transaction of more than $300 million​.Due to expected timing of store purchases under amended agreement, co does not expect impact to adjusted earnings per share for fiscal year ending 31 Aug. 2018​.  Full Article

GNC names Ken Martindale permanent CEO
Wednesday, 6 Sep 2017 08:20am EDT 

Sept 6 (Reuters) - GNC Holdings Inc ::GNC names Ken Martindale permanent CEO.Says chairman of the board Michael F. Hines resigned.GNC Holdings Inc - ‍Martindale succeeds interim CEO Bob Moran​.GNC Holdings Inc - ‍as part of transition, Michael F. Hines will step down as chairman, but will remain on board​.GNC Holdings Inc- Martindale most recently served as CEO of rite aid stores and president of rite aid corporation.  Full Article

Rite Aid Corp announces leadership changes
Wednesday, 6 Sep 2017 07:30am EDT 

Sept 6 (Reuters) - Rite Aid Corp :Rite Aid Corporation announces leadership changes.Rite Aid Corp - ‍President of Rite Aid Corporation and CEO of Rite Aid Stores Ken Martindale, will leave Rite Aid, effective immediately​.Rite Aid Corp - ‍promoted Bryan Everett, currently executive vice president in charge of store operations, to position of COO of Rite Aid Stores​.  Full Article

Walgreens voluntarily withdraws notification, report forms
Wednesday, 16 Aug 2017 04:44pm EDT 

Aug 16 (Reuters) - Walgreens Boots Alliance Inc ::Walgreens Boots Alliance- in consultation with Rite Aid, co voluntarily withdrew notification & report forms required under Hart-Scott-Rodino act with U.S. DojJ.Walgreens Boots Alliance Inc says‍ expects to re-file notification and report form under Hart-Scott-Rodino act with DoJ and FTC by August 18, 2017 - SEC filing​.  Full Article

Walgreens Boots CEO- "View this deal as being more attractive than the transaction it replaces"
Thursday, 29 Jun 2017 09:57am EDT 

June 29 (Reuters) - Walgreens Boots :This quarter we've begun to implement a program in certain stores to simplify our offering and improve retail operational performance.In April, the first Boots franchise store opened in South Korea.CEO- given changes in the market during the longer-than-expected FTC review process and ongoing uncertainty about the potential outcome, decided not to continue with original deal.CEO- not assuming any debt from rite aid.CEO- "view this deal as being more attractive than the transaction it replaces... In what continues to be a challenging market for pharmacy".CEO- "obvious to us that the pressures on health care role and by extension pharmacy will continue".CEO- "we continue to experience some very challenging markets... Expect these challenges to continue and these may possibly get more difficult in the months and years to come".CEOon possibility of Amazon entering pharmacy buisness- "I don't believe Amazon will be interested in the near future in this market".Ceo on possibility of Amazon entering pharmacy market- "this is not the best opportunity for Amazon".Ceo on possibility of Amazon entering pharmacy market- they have so many opportunities around the world and in many other categories, which are simpler than health care, which is a very regulated business.Have designed new deal after taking into account all of the feedback that we received from FTC during the last 22 months.  Full Article

Fred's to get $25 mln for expenses related to terminated Walgreens-Rite Aid merger
Thursday, 29 Jun 2017 07:07am EDT 

June 29 (Reuters) - Fred's Inc ::Fred's Pharmacy comments on termination of Walgreens-Rite Aid merger and related agreement with Fred’s.Fred's Inc - termination of asset purchase agreement with Walgreens and Rite Aid has no impact on Fred's Pharmacy's transformation.Fred's Inc - will receive $25 million as reimbursement for expenses associated with terminated transaction.Says "‍this is a disappointing outcome"​.Fred's Inc - following termination of the merger, Fred's Pharmacy asset purchase agreement with Walgreens and Rite Aid has also been terminated.  Full Article

FTC staff to advise blocking Rite Aid-Walgreens merger- CNBC, citing report
Friday, 9 Jun 2017 12:30pm EDT 

June 9 (Reuters) - :FTC staff to advise blocking Rite Aid-Walgreens merger- CNBC, citing report.  Full Article

Rite Aid Corp CEO Standley's FY 2017 compensation was $8.1 mln
Wednesday, 7 Jun 2017 04:19pm EDT 

June 7 (Reuters) - Rite Aid Corp :Rite Aid Corp says CEO John Standley's fiscal year 2017 total compensation was $8.1 million versus $22.4 million in fiscal year 2016 - SEC filing.Rite aid corp says CEO of Rite Aid Stores Kenneth Martindale's fiscal year 2017 total compensation was $5.3 million versus $15.2 million in fiscal year 2016.  Full Article

Walgreens says required to redeem multiple notes as pending acquisition of Rite Aid was not consummated on or before June 1, 2017
Friday, 2 Jun 2017 06:23am EDT 

June 2 (Reuters) - Walgreens Boots Alliance :Walgreens Boots Alliance - as pending acquisition of rite aid corp was not consummated on or before june 1, 2017, co required to redeem multiple notes.Walgreens Boots Alliance- to redeem $1.25 billion principal amount of 1.750% notes due 2018, $1.5 billion principal amount of 2.600% notes due 2021-sec filing.Walgreens Boots Alliance Inc - co does not currently plan to issue additional securities to replace notes being redeemed.  Full Article