Bidding for Alliance Boots hots up
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Manufacturing News, Source : TheManufacturer.com
Published : 30 Mar 2007 10:49
Shares in Alliance Boots surged this morning on the news of an increased takeover bid from Kohlberg Kravis Roberts.
British drug retails, distributor and manufacturer, Alliance Boots, has received an improved takeover bid of £10.2 billion from US-based private equity group Kohlberg Kravis Roberts.
The bid has the backing of Stephano Pessina, the Italian billionaire who already controls a 15 per cent stake in Boots. The revised bid values the company at £9.7 billion. The revised offer of £10.40 per share is 40p more than the previous bid, which was rejected by boots as being too low.
Boots hares were up 1.3 per cent this morning on news of the increased offer.
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