OTHER NEWS - Jan. 10, 1992
From Times Staff and Wire Reports
Rite Aid Backing Out of Revco Fight: The Shiremanstown, Pa.-based company said it was withdrawing its offer to acquire financially troubled Revco Inc., saying the recent increases in bidding made the acquisition uneconomical. The withdrawal leaves two competing bids for the privately held drug store chain on the table. U.S. Bankruptcy Court Judge Harold White has scheduled a hearing on the matter for Monday. Rite Aid’s plan to bring Revco out of Chapter 11 bankruptcy proceedings got the support of only two of seven classes of Revco creditors when the three plans were put to a vote earlier this month.
