ST. LOUIS -- Shareholders of Medicare-Glaser Corp., a retail drug chain with stores in Missouri, Illinois and Connecticut, have approved a merger with SuperRx of Arizona, Georgia and Alabama Corp., Medicare-Glaser officials said Friday.
Under the merger agreement announced in October 1988, Medicare-Glaser would be acquired by SupeRx, and Medicare-Glaser shareholders would receive $6 per share in cash.
Although the merger agreement provides for closing of the transaction on or before March 31, the parties are working to complete the sale as soon as possible, said Stuart L. Bascomb, Medicare-Glaser executive vice president.
The sale remains subject to various closing conditions, and there are no assurances the transaction will be completed, Bascomb said.
Medicare-Glaser operates 43 retail pharmacies in Missouri, Illinois and Connecticut and 41 full-line drug stores in Missouri and Illinois.
SupeRx of Arizona, Georgia and Alabama Corp. operates retail stores in those three states.