(Reuters) – Rite Aid Corp stated on Thursday that it rejected a Spear Point Capital Management proposal to buy all its shares.

Board members of the pharmacy chain said that the proposal was uncredible because it did not have evidence of funding and would require exclusivity for multiple months.

The New York Post published late Wednesday night that Rite Aid (NYSE 🙂 had been valued at over $800 million by private equity.

As Wednesday closed, Rite Aid’s market capitalization was $392.7 Million.

It stated that the company would “as usual, respond to credible suggestions that will increase stockholder value”.