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