Walgreens and Rite Aid are cutting their deal price - and Rite Aid's stock is dropping

Walgreens and Rite Aid are cutting the deal price for their massive merger, Bloomberg News is reporting.

Walgreens will now pay between $6.50 and $7 per share for Rite Aid.

The drugstore chain had originally agreed to pay Rite Aid at $9 per share, valuing the company around $9.4 billion, when it announced the deal back in October 2015.

They may also sell more drugstores than previously planned, according to the report.

The deadline for the deal has been pushed back from January 27 to July 31, according to the Bloomberg report. Bloomberg last week reported that the two companies would likely miss their January deadline due to regulatory concerns.

That follows an earlier missed deadline in October 2016. A report from the New York Post at that time said the supermarket chain Kroger may no longer be interested in acquiring 650 stores from the two companies as part of that deal.

Rite Aid's stock dropped about 17% in premarket trading.