Walgreens-Rite Aid Deal Delayed

Walgreens (Deerfield, Ill.) announced that its deal to purchase and merge with Rite Aid (Camp Hill, Pa.) has been postponed, marking the second the time the deal has been delayed. The deadline has been pushed back for another six months to July 21.

The companies also reduced the offer price of the purchase, reducing the cost from $9 per share to $6.50 to $7.00 per share. Under the revised terms, Walgreens agreed also to divest up to 1200 Rite Aid stores, which is 200 more than had previously been announced. This change was made in hopes to gain regulatory improvement, reports Reuters.