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Walgreen, Rite Aid inch closer to FTC resolution

May 9, 2017
Walgreens Boots Alliance has set in motion a mechanism that will result in the Federal Trade Commission having  60 days to either clear its $9.7 billion acquisition of Rite Aid or sue to block it.
Walgreens and Rite Aid Corp. announced late Monday afternoon that they have “certified substantial compliance” with the second request from the FTC regarding their proposed merger.
“We are pleased to have certified completion of our submission of documents and information to the FTC in connection with the Second Request,” said Stefano Pessina, executive vice chairman and CEO of Walgreens Boots Alliance. “We will continue to work closely with the FTC regarding the pending transaction.”
Walgreens and Rite Aid issued a joint statement on Monday in which they stated: “In January 2016, Walgreens Boots Alliance and Rite Aid entered into a timing agreement with the FTC pursuant to which the two companies have agreed not to close the proposed merger until at least 60 full calendar days after both companies have certified substantial compliance with the Second Request.”
Under terms of the agreement, if the FTC approves the Walgreens-Rite Aid merger. Fred’s Pharmacy will acquire at least 865 — and as many as 1,200 — divested Rite Aid stores.
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