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Here's Why Rite Aid's Shares Are Rallying 16% Today

TheMotleyFool

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Here's Why Rite Aid's Shares Are Rallying 16% Today

After Rite Aid (NYSE: RAD) announced after the bell on November 27 that it closed on the transfer of 97 stores to Walgreens Boots Alliance (NASDAQ: WBA), its shares climbed 16.3% higher as of 11:30 a.m. EST.

After regulators balked at Walgreens' proposal to acquire Rite Aid entirely, Rite Aid agreed to a new plan in September that sold 1,932 of its stores to Walgreens for $4.375 billion in cash.

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Source: Fool.com