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Merger with Revco Would Double Size of Rite Aid Corp.(Originated from The Patriot-News, Harrisburg, Pa.)
- Article from:
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Knight Ridder/Tribune Business News
- Article date:
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December 1, 1995
- Author:
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Copyright informationCOPYRIGHT 1995 Knight-Ridder/Tribune Business News. 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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Dec. 1--Rite Aid Corp. confirmed yesterday that it plans to buy the 2,100 drugstores operated by Revco D.S. Inc. for $1.8 billion in cash and stock,
strengthening Rite Aid's position as the nation's largest drugstore chain with more than 4,800 stores.
The deal with Revco would almost double the size of East Pennsboro Twp.- based Rite Aid. The chain's closest competitor, Walgreen Co., has 2,085 stores.
"This will greatly strengthen Rite Aid's future growth potential," said Martin Grass, Rite Aid chairman and chief executive officer during a telephone news conference yesterday. "It will double our annual revenue to $11 billion."
Grass said the deal would enable Rite Aid ...
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