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Business news related to UK pharmacy

Boots’ owner reportedly gives potential buyers until mid-May to submit bids

Started 19 days ago

Boots UK’s parent company has given prospective bidders until May 16 to submit their final offers for the multiple, Sky News has reported.

The news outlet reported today (April 26) that Walgreens Boots Alliance’s advisers at Goldman Sachs have notified bidders of the mid-May deadline for formal offers.

Asda’s owners – billionaire Issa brothers and TDR Capital – and the asset management company Apollo Global Management are expected to put forward final offers for the UK community pharmacy chain, Sky News reported.

However, the outlet claimed that the multiple is expected to receive “fewer than a handful of bids” by the given deadline.

This is due to some parties being put off by the asking price set by Boots’ parent company and “the backdrop of inflation and other cost pressures expected to hamper Boots' near-term financial performance”, Sky News reported.

What do you think of the latest Boots sale news? Are you keeping up with it? Are you surprised the multiple has only received a handful of bids?