Battle for Boots moving to final stage

THE battle to take over Boots is entering its closing stages with a final round of bids expected this month.

Britain’s biggest chemist has been up for sale since January as its owner, US giant Walgreens, looks to turn its focus to healthcare in the States. Four bidders have made pitches, including three of the world’s biggest private equity houses – Apollo, TDR Capital and Sycamore, which is also interested in Ted Baker.

Last week, it emerged that India’s richest man, billionaire Mukesh Ambani, is considering a bid.

A source close to the deal said a winner is likely to be announced next month. It has been suggested that Walgreens may be facing a bigger loss than expected on the chain because it bought Boots for £9 billion in 2014 and was hoping to fetch £7billion, but early frontrunners Bain Capital and CVC Capital Partners were only prepared to pay £4 billion.

However, a source insisted the sale was proceeding ‘as expected’.