Alliance Boots has rejected a £10 billion (€15 billion) takeover approach from its executive deputy chairman Stefano Pessina and private-equity firm Kohlberg Kravis Roberts (KKR).
The proposal did not reflect “the fundamental value of the company or the attractive prospects, opportunities and synergies available to Alliance Boots following the very recent completion of its merger”, said the board of the pan-European retailer and wholesaler.
Alliance Boots noted that KKR and Pessina had proposed a “possible offer price” of £10.00 per share, valuing the company at approximately £10 billion.
A report in The Times newspaper claimed Pessina and KKR were mulling over an increased offer for the company.
The board of Alliance Boots – led by chairman Nigel Rudd – met on 12 March, after confirming three days earlier that it had received a “preliminary and highly conditional approach regarding a possible offer for the company”.
Pessina – who holds a 15% stake in Alliance Boots – was excluded from the board meeting, along with Ornella Barra, the company’s wholesale and commercial affairs director.
The takeover offer comes eight months after the merger between Alliance UniChem and Boots was completed.
Pessina was a driving force behind the merger, which created a company with total sales of £13.8 billion, of which wholesaling generated 56% and retailing accounted for 44%.
Alliance Boots has around 3,000 pharmacies and healthcare stores, including about 2,700 with pharmacies, spread across seven European countries and Thailand. The vast majority of its stores are in the UK.
Source: OTC Bulletin
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