Walgreens gain fueled by reported interest from private-equity firm KKR
Shares of Walgreens Boots Alliance WBA, +6.50% rallied 6.4% toward a 7-month high in morning trading Monday, after Bloomberg News reported that the private equity giant KKR & Co. KKR, +0.03% had approached the pharmacy chain about a buyout.
If the deal moves forward, which could be valued at north of $70 billion, it would be the largest leveraged buyout ever. Like other pharmacy retailers, Walgreens is facing pressure from a combination of weak retail shares and drug reimbursement pressure. Reuters first reported last week that the company was considering going private. Walgreens stock is down 7.8% year-to-date, while the Dow Jones Industrial Average DJIA, -0.35% has rallied 18.2%.
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