Actionable news
All posts from Actionable news
Actionable news in RAD: RITE AID CORPORATION,

Rite Aid (RAD) Stock Down on $17.2B Walgreens Offer, Jim Cramer: DOJ May Not Allow

NEW YORK (TheStreet) -- Rite Aid Corp. (RAD - Get Report) stock is falling 7.27% to $8.04 in pre-market trading on Wednesday after the company agreed to be acquired by Walgreens Boots Alliance (WBA) in a deal valued at about $17.2 billion, including debt.

Walgreens Boots Alliance will pay $9 in cash per each Rite Aid share, a 48% premium over the closing price on Monday, the companies said in a statement.

The combined company would have about 17,700 locations and more than $1 billion in synergies.

STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks with serious upside potential. See them FREE for 14-days.

The boards of both companies have approved the transaction, which is subject to regulatory and shareholder aproval, and is expected to close in the second half of 2016.

TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS charitable trust portfolio, has this to say about the acquisition: "I don't think this deal will be allowed by the Justice Department but it...