Boots suitors given more time to bid for £7bn business

Walgreens Boots Alliance is giving bidders more time to lodge final offers Boots
Suitors expected to make final proposals include Asda and Apollo Global Management.
// Walgreens Boots Alliance is giving bidders more time to lodge final offers Boots
// The deadline for offers had been May 16 but the company is expecting to receive proposals later in the week now

Walgreens Boots Alliance is giving bidders more time to submit final offers for Boots after the three remaining suitors requested more information on recent trading.

Boots’ US owner Walgreens had initially requested final offers by May 16 for the business but is now expected to receive proposals later in the week, sources told The Times.

Walgreens has been seeking £7 billion for the retailer, which includes more than 2,200 UK stores as well as operations in a host of other countries and private-label brands like No7.


READ MORE: 


Suitors expected to make final proposals include Asda owners, the billionaire Issa brothers, who have teamed up with private equity group TDR Capital in the bidding, Indian billionaire Mukesh Ambani’s Reliance Industries, which is working with private equity firm Apollo, and Sycamore.

In April, reports emerged that Walgreens could lose billions on Boots after the retailer was valued at a steep discount.

The US giant been eyeing a £7 billion sale, however a consortium of CVC and Bain that was interested in buying Boots suggested it would only pay £4 billion.

Click here to sign up to Retail Gazette‘s free daily email newsletter

LEAVE A REPLY

Please enter your comment!
Please enter your name here