OTHER NEWS - Dec. 5, 1995
<i> Times Staff and Wire Reports</i>
Rite Aid Begins $1.8-Billion Offer for Revco: The drugstore chain began its offer to swallow rival Revco D.S. Inc. in a cash-and-stock transaction. According to the offer, which expires Jan. 2, Rite Aid would pay $27.50 a share for at least 50.1% of the roughly 67 million shares outstanding. The remainder of the purchase price would then be paid in Rite Aid stock. Camp Hill, Pa.-based Rite Aid is the nation’s No. 1 drugstore chain in number of stores; Revco, of Twinsburg, Ohio, is No. 2. The combined company would be the nation’s largest, with more than 4,500 stores in 22 states and Washington, D.C. Its expected annual sales would be $11 billion.
