Rite Aid Shareholders OK Brooks/Eckerd Acquisition

Jan 19, 2007 2:00 AM

CAMP HILL, Pa. -- Rite Aid's stockholders overwhelmingly approved the acquisition of the Brooks and Eckerd drug store chains from the Jean Coutu Group, Longueuil, Canada, at a special meeting in Harrisburg, Pa., yesterday. Based on the preliminary tally, reported by Rite Aid, more than 97% of the 414,298,141 votes cast were in favor of the transaction. Stockholders also voted to approve an amendment to Rite Aid's certificate of incorporation to increase the authorized number of shares of Rite Aid common stock and to approve the adoption of a new equity compensation plan. "We are extremely pleased with the outcome of today's vote and appreciate the overwhelming support of our stockholders, who understand this is a unique opportunity to accelerate our growth strategy," said Mary Sammons, president and chief executive officer of Rite Aid. "We look forward to working with Brooks and Eckerd associates on a smooth integration and being able to fully realize the opportunities that lie ahead." The transaction is expected to close soon after the end of Rite Aid's fourth quarter, which ends March 3.