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What Auburn Rite Aid customers can expect as Walgreens, Albertsons take over

What Auburn Rite Aid customers can expect as Walgreens, Albertsons take over

Highfields Capital Management Lp acquired 25.00M shares as Rite Aid Corp (RAD)'s stock declined 41.75%.

Under the terms of the agreement, in exchange for every 10 shares of Rite Aid common stock, Rite Aid shareholders will have the right to elect to receive either one share of Albertsons Cos. common stock plus approximately $1.83 in cash, or 1.079 shares of Albertsons Cos. stock.

According to a joint news release issued Tuesday, the combined company will operate 4,900 Rite Aid locations, including 320 Rite Aid clinics and 4,350 Rite Aid pharmacy counters in Albertsons grocery stores. "Taking care of customers and patients is a top priority".

Rite Aid Corp (NYSE:RAD) has grabbed attention from the analysts, when it saw a value increase of 3.29% or 0.07 points in the last trading session to close at $2.2.

The combined company plans to seek expanded opportunities in Albertsons' many brands, including O Organics and Lucerne, along with its manufacturing and operating capabilities.

Boise-based Albertsons Cos. operate stores across 35 states and Washington, D.C., under 20 banners including Albertsons, Safeway, Vons, Jewel-Osco, Shaw's, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen and Carrs, as well as meal kit company Plated based in NY. And Albertsons, which will rebrand its pharmacies at its hundreds of stores as Rite Aid, could turn that chain's PBM unit into a bigger player and a platform for the future.

IT attaches 11 bank accounts of Rotomac in tax evasion case
Earlier, Kothari was being questioned in Kanpur where his company and residence is located, they said. And the original loan of Rs.800 crore has now inflated to nearly Rs.3,000 crore.

Within three years the combined company is expected to deliver annual run-rate cost savings of $375 million, with more than 60 percent within the first two years, the companies said.

The operation will have headquarters in Boise, Idaho, and Camp Hill, Pa., and the name of the combined company will be determined by the time the merger is completed. Finally, Brave Asset Management Inc. boosted its holdings in Rite Aid by 52.4% in the fourth quarter.

Current Rite Aid chairman and CEO John Standley will become CEO of the combined company, with current Albertsons' Miller serving as chairman. Harbor Advisors LLC grew its stake in shares of Rite Aid by 300.0% in the third quarter.

The new entity's board of directors will consist of four individuals to be named by Albertsons Cos., four named by Rite Aid and one jointly selected director. The company was downgraded on Thursday, October 29 by Goldman Sachs. Citi served as exclusive financial advisor to Rite Aid, while Skadden, Arps, Slate, Meagher and Flom LLP acted as legal advisor. The price of the Albertsons' transaction was not disclosed.

"Most investors have probably written off this [Albertsons] investment but even the repayment of original principal would help KIM in its deleveraging efforts", Boenning & Scattergood analyst Floris van Dijkum told CNBC. And this deal will make Albertsons a stock exchange listed company once again, allowing Cerberus to start exiting its investment.

The companies say the deal should close in the second half of this year, but regulators and Rite Aid shareholders still have to approve it.


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