BIDDERS for the high street chemist Boots are preparing to meet with the chain's bosses this week as the race to take over the firm intensifies.
US private equity giants
Buyout giants
The consortium was considered one of the frontrunners in the takeover race due to the involvement of CVC's
Bain reportedly walked away from the bid due to the price expectations of Walgreens, with the remaining suitors reported to have floated offers north of £6bn last month.
All the firms in the bidding war have also reportedly been grappling with options for the firm's huge pension liabilities which are guaranteed by
Trustees of the pension scheme are seeking substantial additional funding as part of any leveraged buyout of Boots.
The sale of the firm will break up the
The 172-year old chain has suffered a difficult pandemic and was forced to slash 4,000 of its 51,000 workforce after the firm restructured its Nottingham head office and store management teams.
The firm has also lined up 200 stores for permanent closure as high street footfall plummets, Walgreens, headed up by Italian-Monegasque billionaire
(c) 2022 City A.M., source