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Bidding battle expected for Boots Bidding battle expected for Boots
(about 11 hours later)
The pharmacy chain Alliance Boots is considering opening up its books to a potential rival bidder to Kohlberg Kravis Roberts' (KKR) £10bn offer. Alliance Boots is considering opening up its books to a potential rival bidder to Kohlberg Kravis Roberts' (KKR) £10.2bn offer, reports say.
The Wellcome Trust and the private equity group Terra Firma are understood to have asked to see the books. The Wellcome Trust and private equity group Terra Firma are understood to have asked to see the books of Britain's biggest pharmacy chain.
The Wellcome Trust is Britain's biggest charity as well as the country's largest investor in private equity.
It is rumoured that Celesio, the German owner of the Lloyds pharmacy chain, is also considering an approach.It is rumoured that Celesio, the German owner of the Lloyds pharmacy chain, is also considering an approach.
Alliance Boots is Britain's biggest pharmacy chain. KKR upped its offer last month after an earlier bid was dismissed as too low.
It opened its books in March to KKR, which had teamed up with Boots' Deputy Chairman Stefano Pessina, who already owns 15% of the retailer. Alliance Boots has now opened its books to the potential buyer, which had teamed up with Boots' Deputy Chairman Stefano Pessina, who already owns 15% of the retailer.
Terra Firma is run by the high profile financier Guy Hands and owns the Odeon and UCI cinemas, among other investments.
A decision on whether Wellcome and Terra Firma will be allowed to see the books is expected by Friday.A decision on whether Wellcome and Terra Firma will be allowed to see the books is expected by Friday.
High profile
The Wellcome Trust is Britain's biggest charity as well as the country's largest investor in private equity.
Terra Firma is run by the high profile financier Guy Hands and owns the Odeon and UCI cinemas, among other investments.
Alliance Boots is best known in the UK for its 2,600 Boots the Chemist shops on the High Street.
But since its £7bn tie-up with Alliance UniChem last year it is now also a major drugs wholesaler, with a 40% market share, supplying more than 125,000 pharmacies, health centres and hospitals.
Mr Pessina is believed to want to take the company private and grow it away from the public spotlight.
But trade unions have warned that selling the group to a private equity firm could lead to asset-stripping.