Walgreens and Rite Aid on Thursday said they scrapped their $17.2 billion merger, following scrutiny from US antitrust regulators.
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Fred's crashes after its plan to buy nearly 1,000 Rite Aid stores is terminated (FRED, RAD, WBA)
Fred's announced in December that said it entered an asset-purchase agreement with Rite Aid and Walgreens to buy 865 stores.
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This sent shockwaves to Fred's, the pharmacy chain that had expected to buy nearly 1,000 stores from Rite Aid. Fred's shares cratered by as much as 24% in early trading.
Fred's announced in December that it entered an asset-purchase agreement with Rite Aid and Walgreens to buy 865 stores and some intellectual properties, as well as assume some liabilities. But this agreement was terminated with the end of the merger.
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