Walgreens to revise Rite Aid stores deal for antitrust approval: Bloomberg

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[September 18, 2017]  (Reuters) - Walgreens Boots Alliance Inc is set to revise its agreement to buy some Rite Aid Corp stores, a move that may be enough for the drugstore chain operator to resolve outstanding antitrust concerns, Bloomberg reported.

A pedestrian passes a sign for a Walgreens pharmacy in Somerville, Massachusetts, U.S., June 29, 2017. REUTERS/Brian Snyder

Rite Aid's shares were up 8.4 percent at $2.85 before the bell on Monday.

Walgreens is in final stage of negotiations with the Federal Trade Commission for its plan to buy more than 2,000 Rite Aid stores and is set to propose a modified deal, Bloomberg reported, citing people familiar with the matter. (https://bloom.bg/2jD1QtQ)

In June, Walgreens, the No.1 U.S. drugstore chain operator, said it would buy nearly half of the smaller rival's stores for $5.18 billion, after it failed to win approval to take over the company.

Both Walgreens and Rite Aid declined to comment.

(Reporting by Ahmed Farhatha; Editing by Sriraj Kalluvila)

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