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

Lugo, Denise
January 2005
Investment Dealers' Digest;1/17/2005, Vol. 71 Issue 2, p54
Trade Publication
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.


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