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.
July 29, 1988 |
Revco D. S. Inc., a giant drugstore chain, has filed for bankruptcy protection, a month after missing a $46-million interest payment to bondholders, officials disclosed Thursday. Boake A. Sells, chairman and chief executive, said the stage was set for the reorganization filing when Revco failed to pay the interest on $400 million in "junk bonds" on June 15. Bondholders were demanding payment of the principal as well as the interest. Revco issued the bonds to finance its $1.
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.
October 31, 1991 |
Salomon Bros. will pay nearly $30 million to settle a class-action lawsuit that accused the firm of defrauding investors in the 1986 leveraged buyout of drugstore giant Revco D. S. Inc., the New York investment firm said Wednesday. The settlement is the second in as many months proposed by Salomon in connection with the buyout and later bankruptcy of Revco.