NEW YORK (TheStreet) -- Walgreen (WAG) shares closed trading up 2.24% to $72.11 on Monday after the company announced that its CFO Wade Miquelon would be stepping down as the company decides whether to pursue a tax inversion deal.
The Deerfield, IL-based company said that it would replace Miquelon with former Kraft Foods (KRFT) CFO Timothy McLevish. The company could announce the completion of its acquisition of European based drug store chain Alliance Boots as soon as this week.
Walgreen, which currently owns a 45% stake in the company, would pay about $16 billion for the entire company, according to previously negotiated terms.
An inversion deal with Swiss-based Alliance Boots could save Walgreen up to $4 billion in taxes over the next five years.
TheStreet Ratings team rates WALGREEN CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate WALGREEN CO (WAG) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company shows weak operating cash flow."