Rite Aid, Albertsons plan $24B merger

A woman pushes a cart of groceries to her car outside an Albertson's store in Denver Colorado

Rite Aid has regulatory approval to sell 1,932 stories to Walgreens Boots Alliance Inc. for $4.38 billion. This will be used to pay down debt and strengthen liquidity position. Moreover, Glenmede Tru Na has 0% invested in Rite Aid Corporation (NYSE:RAD). "Estimates have been stable lately". Vetr lowered Rite Aid from a "strong-buy" rating to a "buy" rating and set a $2.47 target price on the stock.in a research report on Thursday, January 11th. Finally, Evercore ISI started coverage on Rite Aid in a research report on Thursday, January 4th. They set an "underperform" rating and a $1.50 target price for the company. The stock has "Hold" rating by Loop Capital Markets on Monday, September 11.

Under the agreement, Rite Aid shareholders will be able to receive either one share of Albertsons common stock as well as $1.83 in cash or 1.079 shares of Albertsons stock for every 10 shares of Rite Aid.

Among 11 analysts covering Chemical Financial (NASDAQ:CHFC), 8 have Buy rating, 0 Sell and 3 Hold. The company now has a consensus rating of "Hold" and an average price target of $2.75.

Shares of Camp Hill, Pa. -based Rite Aid were up 14.2% at $2.22 in morning trading. Rite Aid has a 52 week low of $1.38 and a 52 week high of $6.15.

The company now has an insider ownership of 0.3 Percent and Institutional ownership of 48.4 Percent.

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Several hedge funds have recently made changes to their positions in RAD.

Current Rite Aid chairman and chief executive officer John Standley will become CEO of the combined group, with current Albertsons chairman and CEO Bob Miller serving as chairman. The name of the new company has not yet been determined, and will be announced after the deal is finalized, the release says. Fort Pitt Capital Group LLC lifted its holdings in Rite Aid by 37.8% in the second quarter. Heritage Investors Management Corp sold 9,306 shares as the company's stock declined 3.65% while stock markets rallied. The original version of this piece can be viewed at https://www.dispatchtribunal.com/2018/02/19/rite-aid-co-rad-position-boosted-by-brave-asset-management-inc.html. If you are accessing this article on another domain, it was stolen and reposted in violation of worldwide copyright & trademark law. Currently, Rite Aid Corporation (NYSE:RAD) has an average volume of 24.79 Million.

Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States.

Moody's Vice President Mickey Chadha said the deal would give the combined company the large scale and diversified revenue base needed to compete in the highly competitive US food and drug retail environment.

The Rite Aid deal is the latest transaction by Albertsons to expand its offerings to attract consumers. It operates approximately 4,560 stores in over 30 states across the country and in the District of Columbia.


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