Walgreens Boots Alliance has suspended its quarterly cash dividend amid restructuring efforts, the U.S. pharmacy chain operator said on Thursday, sending its shares down nearly 8% in extended trading.

Cash needs for the next several years, “including with respect to litigation and debt refinancing,” were important considerations, the company said.

Walgreens Boots Alliance (NASDAQ:WBA) fell over 7% in extended trading on Thursday after the drugstore chain said it is suspending cash dividend paid to stockholders on a quarterly basis. This comes after a report that a potential takeover of the company by private equity from Sycamore Partners will likely not happen.