Walgreens Boots Alliance took steps this week to force federal antitrust officials to decide within two months whether to approve its proposed takeover of rival pharmacy chain Rite Aid.
Walgreens and Rite Aid said on Monday that they have notified the Federal Trade Commission they have complied with the agency’s request for information related to the deal. That triggers a 60-day deadline for the commission to clear the merger or sue to block it.
The Rite Aid takeover, which was announced in October 2015, has been delayed as the two companies try to resolve FTC concerns that the merger of the No. 2 and No. 3 pharmacy chains could undermine competition. They have proposed selling stores and other assets to regional pharmacy chain Fred’s Inc.
Walgreens and Rite Aid extended the timeline to complete their deal in January, after failing to satisfy the commission. The companies cut the value of the transaction by at least $2 billion from the original $9.4 billion agreement. They said they may have to divest as many as 1,200 stores to complete the merger.
Full Content: Bloomberg
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