Walgreens shareholders approve $10 billion private equity buyout
Walgreens' shareholders approved Sycamore's $10B acquisition, taking the chain private. Facing declining reimbursements and changing consumer habits, Walgreens will close 1,000+ stores. Shareholders get $11.45/share, potentially more later. The buyout offers flexibility for turnaround efforts. CEO Wentworth sees Sycamore's partnership as beneficial. Walgreens' shares remain near $11.50, far below their $30+ value from two years ago.
