Some Rite Aid Corp. shareholders plan to oppose a merger with grocer Albertsons Cos. that they believe undervalues the struggling pharmacy chain.
Aid’s shares have fallen about 20% since the companies said they would merge on Feb. 20,
a sign of deepening investor disapproval. Albertsons is closely held.
Rite Aid said Thursday that same-store sales fell 1.7% in its fourth
quarter, the sixth straight period of declines for the key metric.
Aid investors who oppose the approximately $24 billion deal say they
aren’t getting a big enough share of the company that would be formed by
the combination. These investors say Rite Aid would be better off
overhauling its pharmacies on its own.. . . more