Spear Point now is considering launching a hostile tender offer directly to shareholders. Rite Aid didn’t immediately respond to requests for comment. This is the beginning,” Beinvenu told The Post. Spear Point contends if it needs to pay the debt it can negotiate with Rite Aid creditors, and believes that with some loans trading at 75 cents to the dollar they might welcome a new strategy, he added. Spear Point now is considering launching a hostile tender offer directly to shareholders, he said. In an April 11 letter, Gilbert said Spear Point doesn’t adequately understand the hurdles to buying the company that are posed by the company’s roughly $3 billion in distressed loans, according to Bienvenu. Rite Aid General Counsel Paul Gilbert engaged in talks with Spear Point and rejected the offer, which was conditioned on due diligence of Rite Aid’s financials. Shares of Rite Aid, the nation’s fourth-largest pharmacy chain, on Wednesday jumped 11% to $8.20. Private-equity firm Spear Point Capital Management 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, Spear Point co-founder Ron Bienvenu told The Post in an exclusive interview.
Rite Aid earlier this month quietly rejected a takeover bid that valued the drugstore chain at more than $800 million - despite it being nearly twice the drugstore chain’s current stock price, The Post has learned. Rite Aid bosses blame out-of-control NYC shoplifting for $5M revenue hit Rite Aid sued by DOJ over repeated unlawful opioid prescriptions Rite Aid prepares to file for bankruptcy to shield it from opioid lawsuits: reportĪrmed NYC robbers net $9K in Rite Aid stickups
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