US: Rite Aid shareholders approve Walgreens merger

Rite Aid stockholders have voted to approve the proposed merger with Walgreens Boots Alliance, the Pennsylvania retailer announced Thursday morning.

Approximately 97% of the votes cast at today’s special meeting of stockholders voted in favor of the adoption of the merger agreement, which represented approximately 74% of Rite Aid’s total outstanding shares of common stock as of the Dec. 18, 2015 record date and constitutes a majority of the outstanding shares of Rite Aid common stock entitled to vote at the special meeting.

In a separate item, 89% of votes cast by Rite Aid stockholders at the special meeting approved, by means of a non-binding, advisory vote, compensation that will or may become payable by Rite Aid to its named executive officers in connection with the merger.

Upon completion of the merger, Rite Aid’s stockholders will be entitled to receive $9 in cash for each share of Rite Aid’s common stock that such stockholder owns.

The merger, which is expected to be completed in the second half of calendar 2016, is subject to the satisfaction of certain remaining customary closing conditions.

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