Rite Aid shareholders approve sale to Walgreens

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.

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