Drugstore chain Rite Aid and grocer Albertsons say they have called off their merger deal.
Rite Aid CEO John Standley said in a statement late Wednesday that after hearing the views of shareholders, Rite Aid is "committed to moving forward and executing our strategic plan as a standalone company."
As a result, a special meeting of Rite Aid shareholders that was due to vote on the deal on Aug. 9 has been canceled.
Albertsons, which is privately owned and operates grocery chain Safeway, among others, announced in February a plan to buy. The deal would've valued the combined company at roughly $24 billion.
The grocer offered either a share of its stock and $1.83 in cash or slightly more than one Albertsons share for every 10 Rite Aid shares.