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Duane Reade sale

This article was originally published in The Rose Sheet

Executive Summary

Pharmacy industry pressures, including reimportation and changes in Medicare and Medicaid, prompted drugstore chain Duane Reade's sale to a private equity investor, CEO Anthony Cuti says during Dec. 24 analyst call to announce the retailer's acquisition by Oak Hill Capital Partners. Duane Reade retained Bear Stearns in April to review strategic alternatives for the New York-area pharmacy chain. Oak Hill's cash offer of $17 per share, a 22.8% premium over the average closing price of Duane Reade's common stock for the last 30 trading days, represented the best opportunity, Cuti states. Acquisition is expected to close in the second quarter. Retailer's fourth quarter revenues will likely be in the range of $355 mil., falling short of expectations, CFO John Henry adds...
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