Walgreens is being pursued by investors with an eye to the drugstore chain that is likely to become private (Photo: Gene J. Puskar, AP)
The Walgreens Boots Alliance, which has seen its stock price fall as it cuts costs and remixes its bids, is considering moving to private equity among private investors, Reuters reports.
The drugstore chain talks with some private equity firms and receives guidance from Evercore Partners, an investment bank, according to Reuters, citing sources that do not want to be named because preliminary talks are confidential.
Walgreens declined comment.
Stock traded up 2.7% to $ 61.30 at the close of trading on Tuesday – a notable difference from its longer trend this year, with Walgreens stock falling 19% by the end of October . The determining price of shares may have increased the interest of private companies.
In the midst of weak profits from pharmaceutical sales and growing competition from other vendors, Walgreens said last month it would close 150 of the clinics it manages by the end of this year. Earlier, the retailer said it would close 200 stores.
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The company, the nation's largest general-purpose drugstore chain, will still have nearly 9,400
He offers more comprehensive care at some of his clinics, will partner with weight loss company Jenny Craig to open 100 locations at Walgreens stores, and debuted delivery on demand on drone last month in Christiansburg, Virginia.
Contributed by: Associated Press
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From October, Walgreens customers can buy items online and ship them. to their doorstep.
Harrison Hill, USA TODAY
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