Drugstore.com Shares Double on Buyout News
Drugstore.com, Inc. (NASDAQ:DSCM) share have doubled this morning up 110% heading into the midday trading. Drugstore.com’s shares have risen $1.98 to $3.77 from its previous close of $1.79.
This phenomenal rise is due to news that drugstore giant Walgreens (NYSE:WAG) has agreed to purchase Drugstore.com for approximately $409 Million. Under the agreement Drugstore.com’s shareholders will receive $3.80 in cash for each share of stock. The purchase price represents a premium of roughly 102% over the 30-day average closing price for Drugstore.com’s shares.
According to Walgreens President and CEO Greg Wasson “This acquisition offers a unique opportunity that will provide us immediate access to more than 3 million savvy, online loyal customers, and will allow us to move even closer to our existing customers through relationships with new vendors and partners, adding approximately 60,000 products to our already strong online offering.”
Walgreens says Drugstore.com will maintain its corporate offices in Bellevue, Washington.
About Drugstore.com, Inc.
Drugstore.com, inc. operates as an online provider of health, beauty, vision, and pharmacy products. The company operates in three segments: Over-The-Counter (OTC), Vision, and Mail-Order Pharmacy.