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India's Apollo Global, Reliance Make a Binding Offer For UK's Boots: Bloomberg

Benzinga · 06/09/2022 08:06
  • Apollo Global Management Inc. (NYSE:APO) and Ambani's Reliance Industries Ltd. led consortium have made a binding offer for Walgreens Boots Alliance Inc.'s (NASDAQ:WBA) international arm, reported Bloomberg, citing people familiar with the matter.
  • The source stated that the proposal values Boots at more than £5 billion ($6.3 billion). Walgreens is seeking a valuation of around £7 billion for Boots.
  • After competing suitors began to reconsider, the move might put Apollo and Reliance in pole position to buy Boots. 
  • Bloomberg reported earlier in May that the main competitor, a combination of Britain's billionaire Issa brothers and TDR Capital, was considering withdrawing from the competition owing to price differences.
  • According to the sources, a winning bidder might be chosen in the coming weeks. Walgreens intends to retain a share in the company following any transaction.
  • Price Action: APO shares closed lower by 2.98% at $57.32 on Wednesday, and WBA shares are trading lower by 0.23% at $42.50 during the pre-market session on Thursday.
  • Photo via Wikimedia Commons