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Sept. 8 (Bloomberg) -- Barry Rosenstein, who leads activist investment firm Jana Partners LLC, took a seat on the board of Walgreen Co. as the biggest U.S. drugstore chain plans to acquire Alliance Boots GmbH.
Jana, which manages about $11 billion, can recommend an additional director to the board of Walgreen, the Deerfield, Illinois-based drugstore chain said today in a statement.
“Barry’s experience and expertise in building shareholder value on behalf of companies will be important as we establish Walgreens Boots Alliance and carry out our next chapter plan for long-term growth and value creation,” Greg Wasson, president and chief executive officer of Walgreen, said in today’s statement.
Walgreen, which already owned 45 percent of Bern, Switzerland-based Boots, said this month that it will buy all of the company, which owns pharmacy and beauty stores in Europe. Walgreen will pay about $5.29 billion in cash plus 144.3 million shares of common stock for the remaining stake, the company said in an Aug. 6 statement. Walgreen will be based in Chicago. The company had previously considered moving its headquarters as a way to lower the rate it pays the U.S. government.
Rosenstein’s Jana is known for pushing companies and corporate management to make changes that will boost shareholder value.
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