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Rite Aid, Albertsons Call Off Merger Amid Investor Concern

Law360 (August 9, 2018, 1:54 PM EDT) -- Rite Aid and Albertsons agreed late Wednesday to part ways and call off their proposed tie-up, citing mounting concern by Rite Aid investors that the offer by the private equity-backed grocery chain undervalued their shares.

Albertsons Cos. and Rite Aid Corp. mutually terminated their merger agreement, nixing a deal that would have seen the Idaho-based grocery chain acquire the parts of Rite Aid excluded from the pharmacy chain's $4.4 billion sale of nearly 2,000 stores to Walgreens Boots Alliance Inc. — assets that included a number of Rite Aid stores and its pharmacy benefit manager, EnvisionRxOptions PBM.

The proposed tie-up had faced criticism...

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