Billionaire investor Robert Bass’s
Oak Hill Capital Partners agreed to buy Duane Reade Inc., New
York City’s largest drugstore chain, for about $700 million,
gaining control of a company that has struggled since the Sept.
11 terrorist attacks.
Shareholders will receive $17 a share in cash, about 12
percent more than yesterday’s closing price, Duane Reade said in
a statement. The total price includes the repayment of an
undisclosed amount of debt.
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Duane Reade, with about 240 stores, cut back on expansion
earlier this year after sales and profits slowed in the wake of
the attacks, while the largest U.S. drugstore chains Walgreen Co.
and CVS Corp. added outlets in the New York area. Shares of Duane
Reade rose higher than the Oak Hill offer as investors said an
improving economy makes the company worth more.
Bloomberg News
