News dalla rete ITA

10 Agosto 2018

Stati Uniti

USA: ALBERTONS, RITE AID KILL MERGER DEAL

Albertsons, uno delle top 5 GDO  negli stati uniti e Rite aid, una catena di farmacia piu' grande negli stati uniti decidono di annullare l'accordo di fusione dopo negoziati intercorsi.Decision comes before shareholder vote on $24 billion transactionRussell Redman 1 | Aug 09, 2018Albertsons Cos. and Rite Aid Corp. have terminated their $24 billion merger agreement ahead of a Rite Aid shareholder vote on the deal that was scheduled for today.The mutual decision, announced last night, came after Rite Aid shareholder opposition to Albertsons’ planned acquisition of the drug chain had risen in recent months and proxy advisory firms Institutional Shareholder Services and Glass Lewis recommended that Rite Aid stockholders vote against the transaction. Opponents of the merger contended that the agreement didn’t offer Rite Aid shareholders a real premium or an equitable ownership stake in the combined company.Related: Albertsons-Rite Aid merger not without snagsAlbertsons and Rite Aid said that, under the terms of their agreement, neither company will be responsible for any payments to the other with the deal’s termination. The special meeting of Rite Aid shareholders to vote on the merger, scheduled for 8:30 a.m. ET on Aug. 9, was canceled.In a statement Thursday, Albertsons expressed disappointment with the move. The company called the strategic rationale of the deal “compelling” and said it presented $375 million in cost synergies and $3.6 billion in revenue opportunities.Related: Albertsons' Jim Donald sees ‘improving momentum’“We disagree with the conclusion of certain Rite Aid stockholders and third-party advisory firms that although they acknowledged the strategic logic of the combination, did not believe that Albertsons Cos. was offering sufficient merger consideration to Rite Aid stockholders. Consistent with Albertsons Cos.’ disciplined approach to mergers and acquisitions, and after careful consideration of all information available to our board of directors through today, we were unwilling to change the terms of the merger,” Albertsons stated.“We remain excited about the improving momentum, financial strength and industry leadership of Albertsons Cos. Our team has remained laser-focused on execution to drive our financial and operating performance while ensuring we continue to meet and exceed the needs of our customers,” the Boise, Idaho-based supermarket retailer added.[...]To read the full article click on the following link: https://www.supermarketnews.com/retail-financial/albertsons-rite-aid-kill-merger-deal (ICE CHICAGO)