Rite Aid Tanks On Walgreens Merger Price Cut, But Deadline Extended

After missing Friday's merger deadline, Walgreens Boots Alliance (WBA) and Rite Aid (RAD) are extending their agreement end date to July 31, slashing the takeover price and changing other terms in a bid to get regulatory approval.

Walgreens will now pay a minimum of $6.50 per share and a maximum of $7 a share, according to a joint press release, depending on how many Rite Aid stores are to be divested in order to pass regulatory muster. The original deal was worth $9 per share.

Under the new...

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