What Auburn Rite Aid customers can expect as Walgreens, Albertsons take over

Rite Aid

Grocery store chain Albertsons announced Tuesday that it will purchase the remainder of independent Rite Aid stores, with the supermarket chain rebranding its own pharmacies as Rite Aid.

The deal will form a $24 billion company with 4,900 stores, including 4,350 pharmacy locations in 38 states branded under the Rite Aid name. The Stock has YTD (year to date) performance of 8.12 percent.

The deal includes Rite Aid sites in Washington state.

Albertsons plans to purchase the portion of Rite Aid that isn't being sold to Walgreens, The Wall Street Journal reported early Tuesday.

More notable recent Rite Aid Corporation (NYSE:RAD) news were published by: Seekingalpha.com which released: "Rite Aid's Turnaround Is Inevitable" on January 30, 2018, also Benzinga.com with their article: "Vetr Community Upgrades Rite Aid To Strong Buy" published on January 25, 2018, Seekingalpha.com published: "Rite Aid: Destination Insignificance" on February 12, 2018. Albertsons shares are expected to trade on the New York Stock Exchange under a yet-to-be-announced ticker symbol.

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The nation's largest drugstore chain, Walgreens, tried unsuccessfully to buy all of Rite Aid previous year but scuttled that deal after encountering regulatory resistance. Rite Aid also holds an enterprise value of around $5.08 billion. Deutsche Bank began coverage on shares of Rite Aid in a report on Monday, December 4th.

Signs posted outside the Pepperell store say the pharmacy is now a Walgreens.

Albertsons shareholders would own 70.4% to 72% of the combined company when the deal closes, while Rite Aid shareholders would own 28% to 29.6%. Albertsons also runs Jewel-Osco, Shaw's, Vons and Acme stores. In addition, customers can no longer use the Rite Aid online or mobile prescription refills, sot they must call or stop into the pharmacy to fill a prescription until the transition is complete. As competition heats up with e-retailers such as Amazon, store experiences become more important.

In the meantime, Amazon's entry in the grocery business by acquiring Whole Foods past year, has undoubtedly sent out ripples of anxiety among major core grocery giants such as Walmart. According to various reports, the agreement could generate around $83 billion in revenue.

Walgreens plans to buy about 2,000 of Rite Aid's locations, a little less than half, for about $4.4 billion after the Federal Trade Commission blocked the pharmacy chain's outright sale to Walgreens previous year.

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Rite-Aid has always been the second largest drug chain in DE but has seen growing competition from CVS.

"Drug retailing has had its own challenges with reimbursement pressure and weak front-end sales as evidenced in Rite-Aid's weak profits over the last couple of years, and competing with much larger and more diversified drug retailers like CVS and Walgreens will be a formidable challenge", wrote Moody's vice president Mickey Chadha, in an email sent to Food Dive.

Reportedly, the company is looking forward to a cash and stock deal with Rite Aid. The combined company will be renamed following approval of the deal, Albertsons said.

"This powerful combination enables us to become a truly differentiated leader in delivering value, choice, and flexibility to meet customers' evolving food, health, and wellness needs", said Rite Aid CEO John Standley, who will become CEO of the combined enterprise.

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