Alliance Boots attracts new bidders

Published: 26-Mar-2007

UK-based private equity firm, Terra Firma, is reported to be preparing a rival bid for Alliance Boots, according to The Sunday Express.

UK-based private equity firm, Terra Firma, is reported to be preparing a rival bid for Alliance Boots, according to The Sunday Express.

The firm is said to have sought advice from bankers on a possible bid for Boots, following the rejection of KKR's £10/share offer. The newspaper claims that Terra Firma has spoken to ten investment banks so far and is seeking an advisor who is not currently involved in any other large retail transactions.

Meanwhile Richard Baker, ceo at Alliance Boots is slated to be planning to use Boots' trading update on Wednesday to push up the offer currently on the table from KKR. Analysts are expecting a 3% rise in like-for-like sales.

Rumours suggest that KKR will up its bid to £10.40 per share within the next ten days.

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