Rite Aid and Albertsons call off their merger [MSN Money]
Rite Aid Corporation (RAD)
Last rite aid corporation earnings: 4/16 07:00 am
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riteaid.com/corporate/investor-relations
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Source: MSN Money
© Provided by CNBC A Rite Aid Corp. Store Ahead Of Earnings Figures Rite Aid Corporation and Albertsons Companies announced on Wednesday they are terminating their merger agreement, the evening ahead of a shareholder vote over the deal. The announcement is a blow to both the pharmacy and the grocer, which are both facing mightier competitors in their respective industries, but were unable to structure a deal that sufficiently appealed to investors. The $24 billion deal, announced in February, has faced push-back from a number of retail investors as well as top ten shareholder Highfields Capital Management. Critics have argued the deal provides Albertsons' private equity owner, Cerberus Capital Management, a vehicle to take the company public without rewarding Rite Aid shareholders in turn. Adding to mounting challenges, influential investor advisory firms Glass Lewis and Institutional Shareholder Services in July urged investors to vote against the tie-up. Alberts
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