Why Shares of Walgreens Spiked Today

Shares of Walgreens Boots Alliance (NASDAQ: WBA) jumped 8% on Tuesday, following a report that the company is exploring a potential deal to be acquired by private equity. The stock lost some of those gains before the close, but investors seem to be taking the rumor seriously.

Reuters reported Tuesday that Walgreens, one of the nation's largest drugstore chains, has held preliminary discussions with some of the world's top private equity firms about putting together a deal that would rank among the largest buyouts in history. Walgreens, which has a market capitalization of more than $52 billion and an enterprise value of more than $70 billion, has retained Evercore Partners to explore interest, according to the report.

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Source Fool.com