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Bidding war breaks out for Boots Bidding war breaks out for Boots
(10 minutes later)
A bidding war has broken out for Alliance Boots after a rival consortium put in a £10.8bn offer for the firm. A bidding war has broken out for Alliance Boots after a rival consortium tabled an offer worth £10.8bn.
The bid has come from a group that includes private equity firm Terra Firma, medical charity The Wellcome Trust, and banking group HBOS. The proposed bid has come from a group that includes private equity firm Terra Firma, medical charity The Wellcome Trust, and banking group HBOS.
Earlier on Friday, the Boots board backed a £10.6bn takeover bid from Kohlberg Kravis Roberts (KKR) and Boots' deputy boss Stefano Pessina.Earlier on Friday, the Boots board backed a £10.6bn takeover bid from Kohlberg Kravis Roberts (KKR) and Boots' deputy boss Stefano Pessina.
The deal is shaping up to be the UK's biggest private equity aquisition. Whoever wins, it will be the UK's biggest private equity acquisition.
News of the bidding war sent shares in Boots 8.4%, or 89 pence, higher to £11.39 in London on Friday.News of the bidding war sent shares in Boots 8.4%, or 89 pence, higher to £11.39 in London on Friday.