BOSTON, June 27, 2018 /PRNewswire/ — Highfields Capital Management (“Highfields”), a value-oriented investment management firm that holds approximately 47 million shares, or 4.4% of the outstanding shares, of Rite Aid Corporation (NYSE: RAD) (“Rite Aid”), today said that it intends to vote against Rite Aid’s proposed merger with Albertsons Companies, Inc. (“Albertsons”), as presently constituted.

Highfields, as fiduciary for $12 billion of client assets, evaluates each shareholder vote on its own merits. Based on the firm’s analysis, the current terms of the proposed transaction between Rite Aid and Albertsons do not offer compelling value. In Highfields’ estimation, the proposed transaction is in the best interests of Albertsons and Rite Aid management, but not Rite Aid shareholders.

About Highfields Capital
Highfields Capital Management is a value-oriented investment management firm which manages private investment funds for endowments, charitable and philanthropic foundations, pension funds and other institutional and private investors. The Highfields funds invest worldwide in public and private companies across a wide variety of industries and security types. The firm was founded in 1998 and is based in Boston, MA.

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SOURCE Highfields Capital Management