Retailers

Albertsons-Rite Aid Merger Clears Antitrust Waiting Period

FTC blesses deal between food and drug retailers
rite aid

The Albertsons-Rite Aid merger is one step closer to the finish line, as the proposed deal has cleared the waiting period under the Hart-Scott-Rodino Antitrust Act.

The milestone satisfies one of the key conditions required by the Federal Trade Commission and the Department of Justice for large mergers and acquisitions before they occur.

"The expiration of the HSR waiting period is an important step toward completing the proposed transaction with Albertsons, which will create a truly differentiated leader in food, health and wellness to meet the evolving needs of customers," Rite Aid Chairman and CEO John Standley said in a statement. “We remain focused on combining our two organizations to drive growth, profitability and long-term shareholder value.”

The privately held Albertsons and publicly traded Rite Aid announced their intent to merge in February.

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' common stock plus about $1.83 in cash, or 1.079 shares.

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