Bloomberg reported that Walgreens cut the value of the deal by $2 billion and plans to divest more drug stores than first reported. The deadline for completing the Rite Aid deal was also extended.
A spin-off of the stores is expected to affect Delaware, a state where Walgreens has the largest market share in the state, with Rite Aid ranking No. 2.
Walgreens accumulated the Delaware stores through the acquisition of Happy Harry’s several years ago.
Fred’s, a southern drug store chain, is now slated to buy more than 860 Rite Aid stores to satisfy antitrust concerns.
Supermarket News reported Walgreens, formally known as Walgreens Boots Alliance, may also be concerned about the ability of Fred’s to buy more than 865 stores.
Emerging as possible acquirers of the drug stores are Albertstons, owner of Acme and Safeway stores in Delaware and Kroger, which owns a couple of Harris Teeter stores in the First State.
