Boots bidders given end of month deadline

Prospective bidders for Boots reportedly have until the end of the month to submit their first-round bids in a £7bn auction of the business, The Times reported over the weekend. 

According to the paper, Boots UK CEO Sebastian James has been meeting with prospective bidders this week alongside advisers at Goldman Sachs to discuss the bids.

Current interested bidders reportedly include Sycamore Partners, a private equity retail specialist, and TDR Capital, which owns Asda alongside the Issa brothers. Bain Capital and CVC have previously been linked with the sale, while Advent International and KKR and Co are said to be “studying bids”.

Reports first emerged that Walgreens Boots Alliance had started the sales process for its Boots international drugstore unit last month.

Walgreens was said to be “sending out preliminary information on the business to potential suitors ahead of first-round bids due in the coming weeks”.

Boots, which has 2,200 stores in Britain and employs around 55,000 people, is expected to be valued at as much as £7bn in the auction.