Finance

Rite-Aid, Acme owner Albertson's to merge

Rite-Aid, Acme owner Albertson's to merge”

The owner of Safeway and other grocery brands is buying the drugstore chain Rite Aid as retailers continue to plunge deeper into health care and adjust to swiftly changing shopping habits.

The combination will have 4,892 stores and more than 4,300 pharmacies with a stronger presence on both coasts of the US market.

The combined company would have about 4,900 locations in 38 states and the District of Columbia, the companies said. The grocer offers a rotating selection of pre-measured Plated meals to its customers for a price of $10 to $12 per serving.

Albertsons previously weighed an initial public offering but shelved the plan past year after Amazon acquired Whole Foods, several media organizations reported. Cardholders can use the cash back to shop on Amazon or use it for cash back, gift cards and travel through Chase's reward portal online.

According to Rite Aid spokesperson Ashley Flower, two Genesee Street locations - 47 E. Genesee St. and 314 Genesee St. - have been purchased by Walgreens Boots Alliance, which reached a deal to buy almost 2,000 Rite Aid locations last September.

The online giant made an aggressive push into the grocery business a year ago, acquiring upscale chain Whole Foods for $13.4 billion in a deal with the potential to transform the supermarket industry in fundamental ways.

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Rite Aid Chairman and CEO John Standley would become CEO of the combined company, and Albertsons Chairman and CEO Bob Miller will be Chairman. Albertsons also runs Jewel-Osco, Shaw's, Vons and Acme stores.

In the latest development, Rite Aid has merged with grocery chain Albertsons to create a retail hub for food, health and wellness. This will be achieved through a full suite of health and wellness capabilities, including specialty pharmacy offerings and in-store RediClinics in larger Albertsons Cos. stores and stand-alone Rite Aid In addition, investing in preferred relationships with EnvisionRxOptions, other PBMs, and regional payors is expected to drive prescription growth. For the past 5 years, the company's revenue has grown 4.7%, while the company's earnings per share has grown 15%. The new company is expected to trade on the New York Stock Exchange. Shareholders of Boise, Idaho-based Albertsons, which is now privately held, will own more than 70 percent of the combined company.

The companies say the deal should close in the second half of this year, but regulators and Rite Aid shareholders still have to approve it.

Under the terms of the agreement, in exchange for every 10 shares of Rite Aid common stock, Rite Aid shareholders will have the right to elect to receive either one share of Albertsons Cos. common stock plus approximately $1.83 in cash, or 1.079 shares of Albertsons Cos. stock. Broader indexes were mixed.

Grocery chain Albertsons signed on to buy the portion of Ride Aid that isn't being sold to Walgreens. After all, not only is Rite Aid being acquired, the company is generating a great premium in the process, immediately providing a return of value for shareholders. A deal value was not disclosed in a statement released Tuesday, Feb. 20, 2018, by the companies.



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