April 25, 1996 |
Rite Aid Corp. on Wednesday withdrew its $1.8-billion offer to buy Revco DS Inc. following government claims that a combination of the nation's top drugstore chains would dominate the business in the East and Midwest. Rite Aid Chairman and Chief Executive Martin Grass said the deal's expiration date of next Monday makes it impossible for the company to fight the allegations made by the Federal Trade Commission.
April 18, 1996 |
The Federal Trade Commission voted Wednesday to file a lawsuit to block the merger of the nation's two largest drugstore chains. Commissioners decided on a 5-0 vote that Rite Aid Corp.'s planned $1.8-billion purchase of Revco D.S. Inc. would lead to higher prices. "Rite Aid-Revco would have significantly more pharmacy locations than its closest competition and would have the ability to increase prices and harm consumers," said George Cary, deputy director of the FTC's Bureau of Competition.
April 17, 1996 |
FTC, States to Challenge Rite Aid's Revco Purchase: The Federal Trade Commission staff and several states are preparing an antitrust lawsuit to block Rite Aid Corp.'s proposed $1.8-billion purchase of Revco Inc., its biggest competitor, officials said.
December 5, 1995 |
Rite Aid Begins $1.8-Billion Offer for Revco: The drugstore chain began its offer to swallow rival Revco D.S. Inc. in a cash-and-stock transaction. According to the offer, which expires Jan. 2, Rite Aid would pay $27.50 a share for at least 50.1% of the roughly 67 million shares outstanding. The remainder of the purchase price would then be paid in Rite Aid stock. Camp Hill, Pa.-based Rite Aid is the nation's No. 1 drugstore chain in number of stores; Revco, of Twinsburg, Ohio, is No. 2.
December 1, 1995 |
Rite Aid Corp. said Thursday that it agreed to buy Revco D.S. Inc. in a $1.8-billion cash and stock deal that will create the nation's largest drugstore chain and a leader in the fast-growing area of managed prescription benefits. Rite Aid Chairman Martin Grass said that although the deal will create a drugstore colossus with $11 billion in annual revenue, the main impetus for the acquisition was to compete more effectively in the managed prescription benefits arena.