$RAD (Rite Aid Corporation)

$RAD {{ '2015-10-28T18:30:14+0000' | timeago}} • Announcement

Pharmacy & convenience stores chain $WBA said it will buy rival $RAD for $9 per share in cash, at a premium of 48% to the closing price on Oct. 26, for a total value of about $17.2Bil, including acquired net debt. $WBA said the deal will add to its adjusted earnings per share in its first full year after completion.

$WBA {{ '2017-06-29T14:01:47+0000' | timeago}} • Announcement

$WBA agreed to buy 2,186 stores, three distribution centers and related inventory from $RAD. $WBA expects the new transaction to be modestly accretive to its adjusted EPS in the first full year after the initial closing of the new transaction, and expects to realize synergies from the new transaction in excess of $400MM.

$WBA {{ '2017-06-29T14:01:00+0000' | timeago}} • Announcement

$WBA agreed to buy 2,186 stores, three distribution centers and related inventory from $RAD. This new agreement replaces the previous merger agreement with Rite Aid, announced in October 2015 and amended in January 2017. The initial closing of the new transaction is expected to occur within the next six months.

$WBA {{ '2017-06-29T14:00:00+0000' | timeago}} • Announcement

$WBA agreed to buy 2,186 stores, three distribution centers and related inventory from $RAD. The consideration for the transaction will be $5.175Bil in cash, the assumption by $WBA of the related real estate leases and the grant of an option to $RAD to become a member of $WBA's group purchasing organization, Walgreens Boots Alliance Development.

$WBA {{ '2017-06-29T13:35:36+0000' | timeago}} • Webcast

$WBA said that on the $RAD agreement, while the company is assuming a real-estate obligation, it is not assuming any debt. Additionally, $WBA is expecting the deal to give significant cash tax benefit, as it tax amortizes the intangible assets it acquires from $RAD.

$RAD {{ '2017-06-29T12:19:47+0000' | timeago}} • Announcement

In 1Q18, $RAD opened one store, relocated four, remodeled 67 and expanded one store, bringing the total number of wellness stores chainwide to 2,482. The company closed 14 stores, resulting in a total store count of 4,523 at the end of the first quarter.

$RAD {{ '2017-06-29T12:18:00+0000' | timeago}} • Announcement

Drugstore chain $RAD posted revenue of $7.8Bil in 1Q18, a decrease of 4.9%, as same store sales slid 3.9% YoY. Net loss widened to $75.3MM or $0.07 per share, compared to last year’s $4.6MM or $0.00 per share, hurt by lower pharmacy gross profit. Adjusted EBITDA was $192.6MM compared to $286MM in the year-over period.

$RAD {{ '2017-06-29T12:09:28+0000' | timeago}} • Announcement

$RAD and $WBA announced that the latter will not buy the former as initially announced. Instead of the previously announced deal that was severely scrutinized by the Federal Trade Commission, $WBA will instead buy 2,186 Rite Aid Stores and Related Assets for $5.17Bil. Rite Aid will receive $325MM from $WBA as termination fee.

$WBA {{ '2017-06-29T11:32:22+0000' | timeago}} • Announcement

$WBA, which reached an agreement with $RAD worth $5.17Bil today, reported a modest 5% increase in earnings for 3Q17 upon strategic partnerships that brought more patients to its pharmacies. Both sales and earnings inched up, with sales scaling up 2.1% to $30.1Bil, while earnings rose to $1,162MM. Adjusted earnings spiked 12.7% to $1.33 per share.

$FRED {{ '2017-06-06T12:57:05+0000' | timeago}} • Webcast

$FRED is collaboratively working with $WBA, $RAD and Federal Trade Commission to obtain the FTC's approval of the divestiture of certain Rite Aid assets to Fred's Pharmacy in connection with Walgreen's pending acquisition of Rite Aid. The company is committed to purchasing additional assets, including up to 1,200 Rite Aid stores.

$FRED {{ '2017-06-06T12:56:11+0000' | timeago}} • Webcast

$FRED, which agreed to acquire 865 $RAD stores and certain assets in an $950MM deal in Dec. 2016,  closed underperforming stores and write off discontinued merchandise in 1Q17. The company said that it is on track with 2017 plan and expects to be profitable on an operational basis by the end of FY17.

$O {{ '2017-04-26T19:41:25+0000' | timeago}} • Webcast

$O said the $WBA and $RAD merger will be a non-event for the company and will not have an impact on the credit. $WBA to sell up to 1,200 assets via the acquisition. In terms of the exposure to the asset closure, the company has only 15 Rite Aids assets within the two-mile radius of $WBA.

$WBA {{ '2017-01-30T14:30:21+0000' | timeago}} • Announcement

$WBA and $RAD entered into amendment and extension to merger agreement. $WBA will be required to divest up to 1,200 $RAD stores and certain additional related assets if required to obtain regulatory approval. $WBA and $RAD agreed to extend the end date from Jan. 27, 2017 to July 31, 2017 in order to allow parties additional time to obtain approval.

$WBA {{ '2017-01-30T14:29:04+0000' | timeago}} • Announcement

$WBA and $RAD entered into an amendment and extension of their definitive merger agreement whereby $WBA will buy all outstanding shares of $RAD. The parties have agreed to reduce the price for each share of $RAD to be paid by $WBA. The revised price will be a maximum of $7.00 and minimum of $6.50 per share.

$WBA {{ '2017-01-05T14:20:52+0000' | timeago}} • Webcast

$WBA, which agreed to acquire $RAD in Oct. 2015, expects growth to be stronger in 2H17 than in 1H17 as it begins to benefit from the strategic partnerships announced in the last year. During 1Q17, $WBA purchased 5.6MM shares for $457MM. The company had completed the anti-dilutive share buyback program for FY17.

$WBA {{ '2017-01-05T12:35:29+0000' | timeago}} • Announcement

$WBA continues to expect the $RAD acquisition to be accretive to its adjusted EPS in the first full year after closing of the transaction, after taking into account the expected divestitures of 865 $RAD stores and certain assets to $FRED. $WBA will realize synergies in excess of $1Bil, to be fully realized within 3-4 years of closing.

$WBA {{ '2017-01-05T12:32:22+0000' | timeago}} • Announcement

$WBA lifted lower end of its FY17 adjusted EPS guidance by 5 cents to $4.90-5.20. This forecast assumes accretion of $0.05-0.12 from $RAD and is based on the above disclosure regarding expected store divestitures and timing of closing.

$FRED {{ '2016-12-20T16:14:30+0000' | timeago}} • Announcement

$FRED signed an agreement with $WBA and $RAD to buy 865 stores and certain assets related to store operations located across the eastern and western U.S. for $950MM in cash. Closing of the transaction is expected to take several months after $WBA's proposed acquisition of $RAD is completed.

$FRED {{ '2016-12-20T14:32:21+0000' | timeago}} • Announcement

$FRED Pharmacy would acquire 865 $RAD stores and certain assets related to store operations, and expects to continue to employ all store associates related to the operations of the acquired stores upon completion of the divestiture. $FRED Pharmacy would continue to operate acquired stores under Rite Aid banner during a transition period.

$WBA {{ '2016-12-20T14:30:30+0000' | timeago}} • Announcement

$WBA and $RAD agreed to sell 865 Rite Aid stores and certain assets related to store operations to $FRED for $950MM in an all-cash transaction. $WBA is actively engaged in discussions with the Federal Trade Commission (FTC) regarding the transaction and is working toward a close of $RAD acquisition in early calendar 2017.

$WBA {{ '2016-10-20T14:26:05+0000' | timeago}} • Announcement

$WBA and $RAD mutually agreed to extend the end date of their merger agreement from Oct. 27, 2016 to Jan. 27, 2017. The companies now expect the transaction to close in early calendar 2017.

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