Walgreen Co. shareholders approved the company’s plan to acquire the remaining interest in Alliance Boots GmbH.
This story first appeared in the December 30, 2014 issue of WWD. Subscribe Today.
At the special meeting called Monday, shareholders voted to approve all proposals related to the company’s acquisition of the 55 percent of Alliance Boots it doesn’t own and the reorganization of Walgreen into a U.S.-based public holding company called Walgreens Boots Alliance Inc.
Walgreen said 97 percent of the votes cast were in favor of the proposals for reorganization and the issuance of Walgreens Boots Alliance shares. That percentage represents about 73 percent of Walgreen’s outstanding common stock as of Nov. 17, the record date for the special meeting, the company noted.
The companies launched a long-term strategic partnership in June 2012, when Walgreen acquired a 45 percent equity ownership in Alliance Boots, with the option to proceed as step two to a full combination by acquiring the remaining 55 percent of the British retailer. Walgreen exercised the option to acquire the remaining 55 percent of Alliance Boots in August. The companies have received all regulatory approvals required to complete the transaction. Walgreen expects to complete the acquisition of Alliance Boots and the reorganization merger on Wednesday, subject to the satisfaction of customary closing conditions. As announced, Greg Wasson will retire shortly following the completion of the second step of the deal. From a beauty standpoint, the deal further gives the green light for expansion of the Boots concepts into U.S. stores.