Report: Walgreens nears deal to buy Rite Aid

October 27, 2015 8:31 PM

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Report: Walgreens nears deal to buy Rite Aid

Shares of Rite Aid jumped nearly 40 percent Tuesday afternoon on a report that it may be gobbled up in the next major acquisition by Walgreens, the biggest U.S. drugstore chain.

The Wall Street Journal said Walgreens Boots Alliance is in advanced talks to buy Rite Aid, which is based in Camp Hill, Pennsylvania. The deal would combine the largest and third-largest U.S. drugstore chains, based on store counts.

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