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Several Hedge Funds Get Hurt as Rite Aid Deal Folds

  • Rite Aid, Fred’s plunge after Walgreens deal scrapped Thursday
  • As of April 24, Alden held 24% of Fred’s shares outstanding

Rite Aid Corp.’s merger with Walgreens Boots Alliance Inc. has gone up in flames, burning some hedge funds in the process.

Walgreens announced Thursday it would scrap the takeover of the drugstore rival after a host of antitrust problems dogged the year and a half-long saga. Two of the biggest casualties: Rite Aid and Fred’s Inc., a smaller chain that stood to gain 1,200 divested stores as part of the deal.

The death of the drugstore acquisition was particularly painful for...