Walgreens seeking to buy Rite-Aid

Rite-Aid-Logo-WEBWalgreens, a major drug store chain, is seeking to buy the Rite-Aid chain of stores, according to the Wall Street Journal.

There are Walgreens stores in Bainbridge, Camilla and Cairo, while there are Rite Aid stores in Colquitt and Donalsonville. It’s not yet clear how the stores would be affected by a merger of the two chains.

Rite Aid shares were about 40 percent higher Tuesday afternoon after a brief trading halt around 12:40 p.m.

Before the spike Tuesday, Rite Aid had a market capitalization of about $6.4 billion. The deal could value Rite Aid at about $10 billion, according to the Journal.

Walgreens shares rose about 4 percent after the report.

Walgreens had net sales of $76.4 billion in fiscal 2014, accounting for about 20 percent of the retail prescription drug market. Rite Aid had prescription drug sales of $18.1 billion in fiscal 2015, up from $17.2 billion in the previous year.

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