BofA update shows where active managers are putting money
NEW YORK - Blazing Star Merger Sub, Inc. announced Tuesday the pricing details for its previously announced cash tender offers for all outstanding notes of Walgreens Boots Alliance, Inc. (NASDAQ:WBA) and Walgreen Co. According to InvestingPro data, WBA currently has a market capitalization of $10.1 billion, with its stock showing strong momentum this year, up 25% year-to-date.
The tender offer covers multiple series of notes with various maturity dates ranging from 2025 to 2050. According to information provided by Global Bondholder Services Corporation, substantial portions of each note series have been tendered by the early tender deadline of August 4, 2025. This tender offer comes as WBA manages a significant debt load of $30 billion, with a debt-to-equity ratio of 4.18, as revealed in InvestingPro’s comprehensive financial analysis.
The tender offer is being conducted in connection with the pending acquisition of Walgreens Boots Alliance pursuant to a merger agreement dated March 6, 2025. Under the agreement, Blazing Star Merger Sub will merge with WBA, with WBA surviving as a wholly-owned subsidiary of Blazing Star Parent, LLC.
The company reported that requisite consents have been received for each series of notes in the related consent solicitation. Supplemental indentures reflecting the amendments have been executed and will become operative upon acceptance of the tendered notes.
The withdrawal deadline expired on August 4, and any notes tendered after this date may not be withdrawn. Notes tendered prior to the early tender deadline are eligible to receive the total consideration, while those tendered later will receive the tender offer consideration.
The tender offer is scheduled to expire at 11:59 p.m., New York City time, on August 18, 2025, unless extended or terminated earlier. The settlement date is set for August 19, 2025, though the company intends to extend the expiration time to align with the merger closing.
Citigroup Global Markets Inc. is serving as the dealer manager for the offers. The offeror’s obligations to complete the tender offer are subject to the satisfaction of certain conditions, including the completion of the merger.
This information is based on a press release statement from Blazing Star Merger Sub, Inc.
In other recent news, Walgreens Boots Alliance has announced a temporary blackout period for employee retirement savings plans as part of its pending merger with Blazing Star Parent, LLC. This merger will result in each share of Walgreens common stock being exchanged for $11.45 in cash and a divested asset proceed right. Shareholders have overwhelmingly approved the acquisition by Sycamore Partners, with 96% voting in favor. They will receive $11.45 per share in cash and a potential additional $3.00 per share from future monetization of Walgreens’ interests in VillageMD.
Evercore ISI reiterated its In Line rating for Walgreens stock, maintaining a price target of $11.45. The firm’s analysis noted that Walgreens’ quarterly results were largely in line with previous estimates, leading to only slight forecast adjustments. Additionally, Walgreens has partnered with KFF for National HIV Testing Day, offering free rapid testing at over 575 Walgreens stores. This initiative marks the largest participation in the partnership’s history, involving over 415 local health departments and community organizations.
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