A PYMNTS Company

US: Walgreens forces FTC decision

By  |  May 9, 2017

Walgreens Boots Alliance took steps this week to force federal antitrust officials to decide within two months whether to approve its proposed takeover of rival pharmacy chain Rite Aid.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Walgreens and Rite Aid said on Monday that they have notified the Federal Trade Commission they have complied with the agency’s request for information related to the deal. That triggers a 60-day deadline for the commission to clear the merger or sue to block it.

    The Rite Aid takeover, which was announced in October 2015, has been delayed as the two companies try to resolve FTC concerns that the merger of the No. 2 and No. 3 pharmacy chains could undermine competition. They have proposed selling stores and other assets to regional pharmacy chain Fred’s Inc.

    Walgreens and Rite Aid extended the timeline to complete their deal in January, after failing to satisfy the commission. The companies cut the value of the transaction by at least $2 billion from the original $9.4 billion agreement. They said they may have to divest as many as 1,200 stores to complete the merger.

    Full Content: Bloomberg

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.