CD&R rules out offer as Boots deadline hits
It is thought that any deal for the business could reach as much as £8bn
Walgreens Boots Alliance has reportedly set today (24 February) as the deadline to receive offers for the UK health and beauty chain Boots, according to Reuters.
The outlet also revealed that private equity firm and new Morrisons owner CD&R has ruled itself out of the running amid the CMA’s ongoing investigation of its takeover of the UK Supermarket chain.
It is reported the decision comes as the CMA has banned CD&R from integrating Morrisons with other businesses within its portfolio.
The news comes after Boots UK CEO Sebastian James was said to have been meeting with prospective bidders earlier this month, alongside advisers at Goldman Sachs to discuss potential bids for the business.
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 also previously been linked with the sale, while Advent International and KKR and Co are said to be “studying bids”.
It is thought that any deal for the business could reach as much as £8bn.
Boots runs a chain of roughly 2,200 stores in the UK, featuring brands such as No7 Beauty Company. It has smaller operations in Ireland, Norway, the Netherlands and Thailand, as well as an optician business and a suite of private-label beauty and personal-care brands that could be included in a sale
