BusinessAugust 19, 1996
BUSINESS MEMO: TO PURCHASE DRUGSTORE CHAIN
JCPenney Co. Inc. has announced it will purchase the 272-store Fay's Inc. drugstore chain for $285 million in stock. The purchase will boost Penney's number of drugstores to 926, making the eighth-largest drugstore operation in the nation. Fay's shareholders will receive $12.75 in Penney's stock tax-free for each share of Fay's they hold...
JCPenney Co. Inc. has announced it will purchase the 272-store Fay's Inc. drugstore chain for $285 million in stock.
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The purchase will boost Penney's number of drugstores to 926, making the eighth-largest drugstore operation in the nation.
Fay's shareholders will receive $12.75 in Penney's stock tax-free for each share of Fay's they hold.
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