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JC Penney draws two bids for Eckerd
New York, Feb 07: JC Penney has received at least two bids worth $4bn to $5 bn for its drugstore unit Eckerd, according to a financial daily, citing people familiar with the situation.
New York, Feb 07: JC Penney has received at least two bids worth $4bn to $5 bn for its drugstore unit Eckerd, according to a financial daily, citing people familiar with the situation.
CVS and investment firm Kohlberg Kravis Roberts made one of the bids.
The other came from Canada ’s Jean Coutu Group, the owner of Brooks drugstore chain and Blackstone Group, the journal said. It was not clear whether Rite Aid, which was considering making an offer with Texas Pacific, had bid by Thursday night. JC Penney could let potential suitors bid again on some of Eckerd’s 2,700 stores, the Journal said.
The report also said the bids put a lower value on Eckerd than JC Penney had hoped for.
JC Penney said last year that it wanted to explore strategic options for its money-losing Eckerd business. Bureau Report
The other came from Canada ’s Jean Coutu Group, the owner of Brooks drugstore chain and Blackstone Group, the journal said. It was not clear whether Rite Aid, which was considering making an offer with Texas Pacific, had bid by Thursday night. JC Penney could let potential suitors bid again on some of Eckerd’s 2,700 stores, the Journal said.
The report also said the bids put a lower value on Eckerd than JC Penney had hoped for.
JC Penney said last year that it wanted to explore strategic options for its money-losing Eckerd business. Bureau Report