June 9, 2017 / 4:48 PM / 9 months ago

FTC to advise blocking Walgreens deal to buy Rite Aid - CNBC

June 9 (Reuters) - Regulatory authorities are set to advise blocking U.S. drugstore chain Walgreens Boots Alliance Inc’s deal to buy smaller rival Rite Aid Corp, CNBC reported on Friday, citing a report.

The companies have been waiting for a year-and-a-half for approval from the Federal Trade Commission (FTC) since the initial offer made in 2015.

In that time, the closing date of the deal has been postponed repeatedly and the offer price reduced to $6.50 to $7.00 per Rite Aid share, down from $9.

The deal would have helped Walgreens widen its U.S. footprint and negotiate for lower drug costs. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)

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