What Caused Rite Aid Stock To Spike Today?

Rite Aid Corp RAD shares closed Wednesday's regular session up more than 11% following a report suggesting the company rejected an $815 million takeover bid earlier this month.

According to a New York Post report, citing Spear Point Capital Management co-founder Ron Bienvenu, the private equity firm offered to buy Rite Aid for $14.60 per share. The stock was trading just shy of $9.40 per share at the time. 

Rite Aid reportedly engaged in discussions with Spear Point Capital before rejecting the offer, but that hasn't stopped Spear Point Capital from pursuing the takeover. 

The firm is reportedly considering making a hostile tender offer to Rite Aid shareholders directly. 

"This isn’t over. This is the beginning,” Beinvenu told the New York Post.

RAD Price Action: Rite Aid was halted upon release of the report. The stock has traded between $6.11 and $23.02 over a 52-week period.

According to data from Benzinga Pro, Rite Aid shares closed down 11.1% at $8.22 on Wednesday.

Photo: courtesy of Rite Aid.