CAMP HILL, Pa. (WHTM) – Rite Aid shareholders have overwhelmingly approved the company’s $9.41-billion sale to Walgreens Boots Alliance, the parent company of the nation’s largest drugstore chain.
Approximately 97 percent of the votes cast at a special meeting of stockholders Thursday morning voted in favor of the agreement, according to a Rite Aid news release.
Under the deal announced last year, Rite Aid will become a wholly owned direct subsidiary of Walgreens Boots Alliance.
Walgreens says it will pay $9 per share for Rite Aid.
The companies expect to complete the sale in the second half of 2016, pending regulatory approval.
Rite Aid is the nation’s third-largest drugstore chain. It has nearly 4,600 stores in 31 states and the District of Columbia.
Walgreens, based in Deerfield, Illinois, operates 8,240 drugstores in all 50 states.