Rite Aid Chief Executive John Standley said the company heard the views of its shareholders and would operate as a standalone firm. Albertsons said it was unwilling to change the terms of the agreement. The U.S. grocer had hoped that the deal, which was seen as part of a wave of consolidation in the drug retailing sector, would help Albertsons become a formidable competitor to CVS Health Corp (N: CVS ) and Walgreens Boots Alliance Inc (O: WBA ), while also giving its private equity owners a way to cash out on their decade-long investment in the company. Cerberus first took a stake in Albertsons in 2006 and the retailer became the dominate grocery franchise on the West Coast when Cerberus bought Safeway in 2014. Under the settlement agreement, neither of the companies would be responsible for any payments as a result of the termination, Rite Aid said in a statement on Wednesday. The drug store chain also said it was evaluating governance changes at the company.