The battle for control of Alliance Boots intensified today as two private-equity groups made bids for the pan-European retailer and wholesaler.
Earlier today, the board of Alliance Boots recommended an offer of £10.90 (€16.00) per share in cash from AB Acquisitions, a company set up by private-equity group Kohlberg Kravis Roberts (KKR) and Alliance Boots’ executive deputy chairman Stefano Pessina to implement the transaction. The deal values Alliance Boots at approximately £10.6 billion.
However, that bid has since been trumped by an “indicative proposal” from a consortium consisting of private-equity group Terra Firma, medical charity the Wellcome Trust and banking group HBOS. The £11.26 per share proposal – reduced to £11.15 per share by a break fee agreed with AB Acquisitions – values Alliance Boots at £10.8 billion.
The consortium said no decision had been taken “regarding the merits of making an offer for Alliance Boots”.
Hat tip: OTC Bulletin
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