TITLE

Penney's Eckerd Sale: A Two-for-One Deal

AUTHOR(S)
Lugo, Denise
PUB. DATE
January 2005
SOURCE
Investment Dealers' Digest;1/17/2005, Vol. 71 Issue 2, p54
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article presents information on J.C. Penney Co. Inc.'s sale of Eckerd Drug Stores to the Jean Coutu Group Inc. and CVS Corp. Advisors involved in the deal were Credit Suisse First Boston, Merrill Lynch & Co. Inc., Deutsche Bank, Goldman Sachs, and Evercore Partners. Late in 2003, J.C. Penney began to hint at its interest in selling Eckerd. The company knew that CVS Corp. also was interested in Eckerd. But because some of the Eckerd stores were in the United States where CVS has a dominant market position, the U.S. Federal Trade Commission wouldn't allow it to take on the whole company.
ACCESSION #
15682844

 

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