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home / news releases / RAD - Rite Aid gains as CEO transition sparks takeover speculation

RAD - Rite Aid gains as CEO transition sparks takeover speculation

Rite Aid Corporation

  • Rite Aid ( NYSE: RAD ) rose 6% amid takeover speculation after the company announced CEO Heyward Donigan has left the company was was replaced by an interim CEO.
  • Elizabeth Burr is taking over as CEO at the drugstore chain, according to a statement.
  • Donigan's departure after three years at the helm of Rite Aid may make the drugstore firm vulnerable to activist or may make the companya potential takeover target, Dealreporter highlighted in its "Morning Flash" item earlier Monday. RAD's stock price has fallen about 40% since Heyward joined in 2019 and dropped 77 % last year.
  • Rite Aid's pharmacy benefit-manager Elixir has been viewed as a potential attractive asset for possible buyers.
  • Rite Aid in April rejected a non-biding, "off-market"  $14.60 a share takeover bid from Spear Point Capital.

For further details see:

Rite Aid gains as CEO transition sparks takeover speculation
Stock Information
Company Name: Rite Aid Corporation
Stock Symbol: RAD
Market: NYSE
Website: riteaid.com
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