Apollo Global Management and Reliance Industries, an Indian conglomerate, have made a binding bid to acquire the high street chemist Boots which values the company at between £5B and £6B.
The investment group’s offer will allow Boots’ current owner, US retailer Walgreens Boots Alliance, to retain a minority stake in the firm.
It comes after Zuber and Mohsin Issa, the brothers who own Asda, pulled out of a deal to buy Boots alongside private equity firm TDR capital, after Walgreens rejected their initial valuation of the UK firm. Walgreens has reportedly put a £7bn price tag on Boots.
Read more: iNews
