San Diego, CA -- (SBWire) -- 02/27/2018 --The takeover of Rite Aid Corporation is under investigation over potential wrongdoing.
Investors who purchased shares of Rite Aid Corporation (NYSE:RAD) and currently hold any of those NYSE:RAD shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Rite Aid Corporation breached their fiduciary duties owed to NYSE:RAD investors in connection with the proposed acquisition.
On February 20, 2018, Albertsons Companies and Rite Aid Corporation (NYSE:RAD) announced a merger agreement under which privately held Albertsons Companies will merge with publicly traded Rite Aid. Under the terms of the agreement, in exchange for every 10 shares of Rite Aid common stock, Rite Aid shareholders will have the right to elect to receive either (i) one share of Albertsons Companies common stock plus approximately $1.83 in cash or (ii) 1.079 shares of Albertsons Companies stock.
However, given that at least one analyst has set the high price target for NYSE:RAD shares at $2.50 per share and given that NYSE:RAD shares traded in the open market in early 2017 as high as $8.66 per share, the investigation concerns whether the offer is unfair to NYSE:RAD stockholders. More specifically, the investigation concerns whether the Rite Aid Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On February 26, 2018, NYSE:RAD shares closed at $2.08 per share.
Those who are current investors in Rite Aid Corporation (NYSE:RAD) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
NYSE:RAD Investor Alert: Investigation of Rite Aid Corporation
An investigation on behalf of investors of Rite Aid Corporation (NYSE:RAD) in connection with the proposed takeover was announced.