A duo of major investment firms that came together to form a multibillion pound takeover bid for Boots have ditched their plans, according to Sky News.
It was revealed that Bain Capital and CVC Capital Partners had set their sights on the Nottingham-based retail giant in January after it was reported that Boots’ parent company was considering a sale of the business, which would see it valued at over £5bn.
Sky News has now learnt that the consortium, one of the frontrunners, decided against submitting an offer for Boots last week, primarily driven by the price expectations of the chain’s owner, Walgreens Boots Alliance.
This leaves just a few remaining bidders for Boots. Asda, Apollo Global Management, and Sycamore Capital are said to be among these.
A pharmacy-led health and beauty chain, Boots has over 2,000 stores and a team of over 50,000 colleagues.
