Bid battle for Boots

Charles Wheeldon
May 17, 2022

A bid battle to buy pharmacy and retailer Boots is developing, with three potential buyers requesting more information on recent trading, The Times has reported.

Advisors at Goldman Sachs have given interested parties until next Monday to make offers for the retailer which has been owned by US-based Walgreens Boots Alliance since 2014.

The three parties bidding for the retailer are the Issa brothers and TDR Capital, Reliance Industries and Apollo, and private equity firm Sycamore Partners.

Boots operates 2,200 shops and 550 opticians and employs around 51,000 people.

A new round of negotiations is expected between bidders, advisors and Walgreens that will focus on price, pensions and the stake Walgreens Boots Alliancen wants to keep.

Walgreens has offered to keep a stake of up to 30% in the company in an attempt to smooth the purchase price of the deal, which is understood to be between £5 billion and £6 billion.

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