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| Version 1 | Version 2 |
|---|---|
| Bidding battle expected for Boots | Bidding battle expected for Boots |
| (about 2 hours later) | |
| Alliance Boots is considering opening up its books to a potential rival bidder to Kohlberg Kravis Roberts (KKT) which offered £10.2bn, reports say. | |
| 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 and private equity group Terra Firma are understood to have asked to see the books of Britain's biggest pharmacy chain. |
| 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. |
| KKR upped its offer last month after an earlier bid was dismissed as too low. | KKR upped its offer last month after an earlier bid was dismissed as too low. |
| 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. | 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. |
| 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 | High profile |
| The Wellcome Trust is Britain's biggest charity as well as the country's largest investor in private equity. | 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. | 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. | 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. | 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. | 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. | But trade unions have warned that selling the group to a private equity firm could lead to asset-stripping. |