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Article: Rite Aid Will Grow to Approximately 5,000 Drugstores as the Jean Coutu Group Agrees to Merge All Brooks and Eckerd Stores into Rite Aid in a Transaction Valued at $3.4 Billion.
- Article from:
- Business Wire
- Article date:
- August 24, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CAMP HILL, Pa. & LONGUEUIL, Quebec -- Rite Aid Corporation (NYSE, PCX:RAD) and The Jean Coutu Group (PJC) Inc. (TSX:PJC.A)
--The Jean Coutu Group Will Receive $1.45 Billion in Cash and a 32.0% Common Equity Interest In Rite Aid, Making It the Leading Rite Aid Shareholder; Rite Aid Also Intends To Assume $850 Million of Jean Coutu Group Long-Term Debt
--Transaction Accelerates Rite Aid's Growth Strategy, Giving Company Scale Comparable To Its Major Competitors; Expected to be Accretive to Rite Aid Earnings Twelve Months After Closing
--Transforms The Jean Coutu Group's U.S. Regional Drugstore Investment Into Significant Interest in Major National ...