Deals
Walgreens-Rite Aid Clock Runs Down With No Extension
- FTC hasn’t communicated its antitrust findings, Walgreens said
- CEO Pessina says boards can decide to extend Jan. 27 deadline
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Walgreens Boots Alliance Inc. Chief Executive Officer Stefano Pessina says he still believes in his company’s purchase of Rite Aid Corp., but declined to say whether the companies will extend the deal just three days from their agreed deadline to complete the merger.
The acquisition hasn’t yet received antitrust approval from the Federal Trade Commission, and Walgreens hasn’t made a key filing saying it’s answered all the agency’s questions. Once it does, that would give the FTC another 30 days to decide whether to approve the deal or sue to stop it. The companies had agreed to close the planned $9.4 billion merger, which would create the largest drugstore chain in the U.S. by number of stores, by Friday.