RITE AID, FTC NEGOTIATIONS HALT OVER STORES IN OHIO, WEST VIRGINIA AND SOUTH CAROLINA; RITE AID ALLEGES FTC BIAS AGAINST RITE AID/REVCO MERGER
The termination of negotiations between Rite Aid and the Federal Trade Commission over Rite Aid's proposed merger with Revco resulted from FTC's demand that substantially all Revco stores in Ohio, West Virginia and South Carolina be divested, Rite Aid CEO Martin Grass told a teleconference April 24. By halting negotiations with FTC and calling off the merger before the April 29 closing date, Rite Aid avoided penalty costs for failing to meet the merger contract.
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