Report: FTC preparing to block WBA's acquisition of Rite Aid

The Federal Trade Commission is preparing "advice" to block the deal to merge Walgreens Boots Alliance and Rite Aid, according to a Investor's Business Daily report. The news was first reported by Bloomberg. "Shares of Rite Aid sank 14% to 3.03 in afternoon trading on the stock market [and] Walgreens dipped 0.3%. Rival CVS Health (CVS) edged up 0.5%," Investor's Business Daily reported. In addition, shares of Fred's Pharmacy, which has agreed to acquire as many as 1,200 divested Rite Aid locations as part of the deal, dropped 2.5% Friday. (Investor's Business Daily)