HARRISBURG, Pa. (AP) -- Rite Aid Corp., which began as a single drugstore in northeastern Pennsylvania in 1962 and survived a near-death experience a few years ago, says it is ready for a growth spurt.
Shareholders will vote Thursday on whether to expand the nation's third-largest drugstore chain by more than half, and make Rite Aid the largest drugstore chain operator on the East Coast. A majority of a quorum of shareholders will be required to enable the deal to go forward.
The deal would represent Rite Aid's first major acquisition since a turnaround team arrived to save the company from bankruptcy seven years ago -- a low point in the company's history that was brought on by a series of expensive acquisitions.
The latest plan is designed to catapult Rite Aid's store fleet to within reach of drugstore leaders Walgreen Co. and CVS Corp., but has divided Wall Street analysts and proxy advisers.
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http://biz.yahoo.com/ap/070117/rite_aid_acquisition.html?.v=1
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