Rite Aid said Thursday it had rejected a proposal from Spear Point Capital Management to acquire all of its shares.
The pharmacy chain’s board said the proposal was not credible as it had no evidence of financing and required multiple months of exclusivity, among other reasons.
The New York Post reported Wednesday that the private equity firm said it made an offer to buy Rite Aid on March 30 for $14.60 a share, or $815 million — a 56% premium to its closing price that day of $9.36.
Rite Aid had a market capitalization of $392.7 million as of Wednesday’s close.
The company will “as always, be responsive to credible proposals that will enhance stockholder value,” it said.
Spear Point is considering launching a hostile tender offer directly to shareholders, co-founder Ron Bienvenu told The Post in an exclusive interview.
Rite Aid rejected the $815 million takeover bid earlier this month. Getty Images“This isn’t over. This is the beginning,” Bienvenu told The Post. “There is real value here.”
Rite Aid shares fell 6.7% to $7.65 in midday trading.
