NEW YORK (TheStreet) -- Shareholders of Walgreen Co. (WAG) voted today to approve all proposals related to the company's acquisition of the remaining 55% of Europe's leading drug wholesaler Alliance Boots GmbH.
The transaction will fully combine the two companies to form the first global pharmacy-led, health and wellbeing enterprise, Walgreens said.
Additionally, an approved reorganization will result in Walgreens becoming a wholly owned subsidiary of Walgreens Boots Alliance, Inc., and shares of Walgreens common stock will be converted into shares of Walgreens Boots Alliance common stock on a one-for-one basis.
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Shares of Walgreens are up 0.21% to $76.62.
Separately, TheStreet Ratings team rates WALGREEN CO as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WALGREEN CO (WAG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, good cash flow from operations, 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 has had somewhat disappointing return on equity."
Highlights from the analysis by TheStreet Ratings Team goes as follows: