{"id":434971,"date":"2022-04-20T21:53:51","date_gmt":"2022-04-20T18:53:51","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/rite-aid-rejected-800-million-takeover-bid-this-month-sources\/"},"modified":"2022-04-20T21:53:51","modified_gmt":"2022-04-20T18:53:51","slug":"rite-aid-rejected-800-million-takeover-bid-this-month-sources","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/rite-aid-rejected-800-million-takeover-bid-this-month-sources\/","title":{"rendered":"#Rite Aid rejected $800 million takeover bid this month: sources"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35c4c8a5db4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35c4c8a5db4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/rite-aid-rejected-800-million-takeover-bid-this-month-sources\/#%E2%80%9CRite_Aid_rejected_800_million_takeover_bid_this_month_sources%E2%80%9D\" >&#8220;Rite Aid rejected $800 million takeover bid this month: sources&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CRite_Aid_rejected_800_million_takeover_bid_this_month_sources%E2%80%9D\"><\/span>&#8220;Rite Aid rejected $800 million takeover bid this month: sources&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Rite Aid earlier this month quietly rejected a takeover bid that valued the drugstore chain at more than $800 million \u2014 despite it being nearly twice the drugstore chain\u2019s current stock price, The Post has learned.<\/p>\n<p>Private-equity firm Spear Point Capital Management said it made an offer to buy Rite Aid on March 30 for $14.60 a share, or $815 million \u2014 a 56% premium to its closing price that day of $9.36, Spear Point co-founder Ron Bienvenu told The Post in an exclusive interview.<\/p>\n<p>Shares of Rite Aid, the nation\u2019s fourth-largest pharmacy chain, on Wednesday jumped 11% to $8.20.<\/p>\n<p>Rite Aid <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Counsel Paul Gilbert engaged in talks with Spear Point and rejected the offer, which was conditioned on due diligence of Rite Aid\u2019s financials. In an April 11 letter, Gilbert said Spear Point doesn\u2019t adequately understand the hurdles to buying the company that are posed by the company\u2019s roughly $3 billion in distressed loans, according to Bienvenu.<\/p>\n<p>Spear Point now is considering launching a hostile tender offer directly to shareholders, he said. Spear Point contends if it needs to pay the debt it can negotiate with Rite Aid creditors, and believes that with some loans trading at 75 cents to the dollar they might welcome a new strategy, he added.<\/p>\n<p>\u201cThis isn\u2019t over. This is the beginning,\u201d Beinvenu told The Post. \u201cThere is real value here.\u201d\u00a0<\/p>\n<p>Rite Aid didn\u2019t im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely respond to requests for comment.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"614\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/rite-aid-drug-store-getty-02.jpg?w=1024\" alt=\"Rite Aid store\" class=\"wp-image-21973635\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/rite-aid-drug-store-getty-02.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/rite-aid-drug-store-getty-02.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/rite-aid-drug-store-getty-02.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Spear Point now is considering launching a hostile tender offer directly to shareholders.<\/figcaption><figcaption><span class=\"credit\">Media<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> Group via Getty Images<\/span><\/figcaption><\/figure>\n<p>Rite Aid has principal payments coming due in late 2025 it might have trouble repaying, sources and analysts said. A buyout would likely be considered a change of control event requiring Spear Point to pay off the lenders. \u00a0<\/p>\n<p>Spear Point, meanwhile, maintains it has a buyer for Rite Aid\u2019s pharmacy benefits manager, Elixir, which covers 3.2 million lives. The undisclosed buyer is willing to pay $2 billion for the PBM business, which the Fitch Rating Agency recently said it believed was worth $1.2 billion, according to Bienvenu.<\/p>\n<p>Spear Point also believes Rite Aid could be making much more by selling its data to other business  \u2014 including selling its pre<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">script<\/a>ion data to insurers \u2014 for more than $1 billion. Presently, Rite Aid only shares data with its suppliers to manage inventory, Bienvenu said.<\/p>\n<p>The fund also believes Rite Aid can sell data on its roughly 2,500 stores to real estate developers who seek information on economics and demographics in different parts of the country, he said. <\/p>\n<p>Spear Point has recently become focused on what it calls the \u201cassetization and monetization\u201d\u00a0of data and has several target companies in mind like Rite Aid, according to Bienvenu.<\/p>\n<p>Spear Point has chosen not to approach lenders until its offer is made public early Thursday, he said.<\/p>\n<p>Rite Aid, meanwhile, has been in steady decline for several years. In 2018, Walgreen\u2019s bought 1,932 Rite Aid stores for $4.37 billion, cutting Rite Aid\u2019s footprint by almost half.<\/p>\n<p>Rite Aid\u2019s shares since June 7 have slid from $22.29 to the $7 level before the Post broke the story.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/04\/20\/rite-aid-rejected-800-million-takeover-bid-this-month-sources\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Rite Aid rejected $800 million takeover bid this month: sources&#8221; Rite Aid earlier this month quietly rejected a takeover bid that valued the drugstore chain at more than $800 million \u2014 despite it being nearly twice the drugstore chain\u2019s current stock price, The Post has learned. Private-equity firm Spear Point Capital Management said it made&#8230;<\/p>\n","protected":false},"author":1,"featured_media":434972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/04\/rite-aid-drug-store-getty-01.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[128221,70584,80389,128274,91051],"class_list":["post-434971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-4-20-22","tag-mergers-acquisitions","tag-pharmacy","tag-rite-aid","tag-walgreens"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/434971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=434971"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/434971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/434972"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=434971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=434971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=434971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}