Rite Aid Corporation and Albertsons Companies have mutually agreed to terminate their previously announced merger.
"While we believed in the merits of the combination with Albertsons, we have heard the views expressed by our stockholders and are committed to moving forward and executing our strategic plan as a standalone company," says John Standley, chief executive officer and chairman, Rite Aid.
"We remain focused on leveraging our network of conveniently located retail pharmacies, our EnvisionRxOptions PBM and our trusted brand of health and wellness offerings. We will continue building momentum for key areas of our business like our innovative Wellness store format, highly successful customer loyalty program and expanded pharmacy service offerings, as we also enhance our omni-channel and own brand offerings to strengthen our competitive position and create long-term value for stockholders."
The special meeting that was set to take place between Rite Aid’s stockholders on Aug. 9 will not take place. Neither party will be held responsible for payments to the other party as a result of the termination of the merger agreement. Rite Aid Corp. is currently evaluating company leadership and will hold its annual stockholder meeting on Oct. 30.