Rite Aid and Albertson Merger Fizzles


The previously announced merger between Camp Hill, Pa.-based pharmacy and retailer Rite Aid and Boise, Idaho-based grocer Albertsons has officially been called off. Albertsons issued a statement on the end of the deal, citing disagreements between the grocery giant and Rite Aid stockholders. Fortune reports that stockholders raised concerns that the deal would diminish the value of the chain.

Rite Aid shareholders were expected to receive ownership of nearly 30 percent of the combined companies following the completion of the deal, while also positioning Albertsons to go public. The agreement was also thought to increase foot traffic to Albertsons pharmacies.

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