Walgreens Boots Alliance, Rite Aid place 60-day deadline on merger approval

DEERFIELD, Ill. — The clock for the Walgreens Boots Alliance and Rite Aid merger was definitively set Monday evening as the two companies announced that they have certified substantial compliance with the Federal Trade Commission's Request for Additional Information.



The drug store chains will be free to merge if no decision comes before July 7. In January 2016, Walgreens Boots Alliance and Rite Aid entered into a timing agreement with the FTC pursuant to which the two companies have agreed not to close the proposed merger until at least 60 full calendar days after both companies have certified substantial compliance with the Second Request.



“We are pleased to have certified completion of our submission of documents and information to the FTC in connection with the second request,” stated Stefano Pessina, executive vice chairman and CEO Walgreens Boots Alliance. “We will continue to work closely with the FTC regarding the pending transaction.”



“Our teams did a tremendous amount of work to deliver to the FTC the information to substantially comply with the Second Request,” added John Standley, chairman and CEO Rite Aid.



The transaction remains subject to the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, approval by the holders of Rite Aid's common stock and other closing conditions, and there can be no assurance that these conditions to closing will be satisfied.