Alliance Boots receives increased bid

Published: 30-Mar-2007

Pharmacy group Alliance Boots has received an increased offer from private equity group Kohlberg Kravis Roberts & Co led by its own deputy chairman Stefano Pessina, who is also Boots' largest shareholder.

Pharmacy group Alliance Boots has received an increased offer from private equity group Kohlberg Kravis Roberts & Co led by its own deputy chairman Stefano Pessina, who is also Boots' largest shareholder.

The improved £10.2bn takeover offer is widely regarded to have a strong chance of succeeding.

Boots earlier this month rejected a £9.7bn, or £10 per share, offer from the consortium but rejected it, saving face, and driving the price higher to a revised £10.40 per share.

The Board of Alliance Boots has agree to grant KKR and Pessina a limited period to carry out due diligence, and said that a further announcement will be made 'when appropriate'.

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