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Revco's shareholders OKd a leveraged buyout.

December 17, 1986

Stockholders voted for a $1.25-billion leveraged buyout by a management-led group that will take the chain private. Revco D. S. Inc. of Twinsburg, Ohio, which has 2,000 drugstores in 30 states, said 19.6 million shares, or 76% of the shares represented at the special meeting held for the vote, were voted in favor of the transaction. The acquisition, in which the group is paying $38.50 for each of Revco's 32.5 million shares outstanding, is expected to be completed by year's end. The investor group includes about 35 members of Revco's management.

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