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Walgreens might buy Rite Aid and the stock is going nuclear

Akin OyedeleOct 27, 2015, 22:14 IST

Rite Aid shares spiked by as much as 40% in trading on Tuesday after the Wall Street Journal reported that Walgreens was close to buying it.

Citing people familiar with the matter, The Journal said that a deal would value Rite Aid at close to $10 billion. The company's current market cap is about $6 billion.

A deal could be announced as soon as Wednesday, according to The Journal.

Walgreens shares rose by about 4%.

More to come ...

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