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Rite Aid Sinks After Walgreens Slashes Offer Price by Nearly $2 Billion

Walgreens Boots Alliance and Rite Aid are reducing the price Rite Aid shareholders will receive from the proposed buyout of their company.

Walgreens Boots Alliance (WBA) - Get Free Report and Rite Aid (RAD) - Get Free Report are reducing the price Rite Aid shareholders will receive from the proposed buyout of their company. Some analysts suggest the announcement shows both companies are committed to seeing the deal through. The revised price cuts the per share price being paid for Rite Aid stock from $9 to a maximum of $7 per share and a minimum of $6.50 per share.

The revised price cuts the per share price being paid for Rite Aid stock from $9 to a maximum of $7 per share and a minimum of $6.50 per share. To accommodate discussions with the FTC, Walgreens and Rite Aid agreed to extend the end date under the previously announced agreement from Jan. 27, 2017, to July 31, 2017.

This article was written by a staff member of TheStreet.