Bidders for the high street chemist Boots are preparing to meet with the chain’s bosses this week as the race to takeover the firm intensifies.
US private equity giants Apollo and Sycamore Partners have both submitted bids for the firm alongside TDR Capital and the Issa brothers, the Billionaire owners of Asda, and the suitors are all now set to meet with Boots bosses this week, the Sunday Times reported.
Buyout giants CVC Capital and Bain Capital had teamed up to pursue a bid for the firm but abandoned submitting a first round offer, it emerged last month.
The consortium was considered one of the frontrunners in the takeover race due to the involvement of CVC’s Dominic Murphy, who played a key role in the takeover of Boots while in his previous role at buyout firm KKR and now sits on Boots’ board.
CVC and Bain reportedly walked away from the bid due to the price expectations of Walgreens, with the remaining suitors reported to have floated offers north of £6bn last month.
The sale of the firm will break up the Walgreens Boots Alliance which was formed when Walgreens snapped up the remaining 55 per cent of the firm it did not already own in 2014, having taken a 45 per cent stake in the firm in 2012.
Walgreens, headed up by Italian-Monegasque billionaire Stefano Pessina, began exploring a sale of the firm in December, with the process being run by Goldman Sachs.