May deadline set for Boots takeover bids

A deadline of May 16 has been set for final bids for Boots, according to Sky News.

The company’s owner Walgreens Boots Alliance (WBA) issued the deadline as it looks to offload the business as economic issues threaten its valuation, with the price tag currently standing at up to £7bn.

The potential suitors include Asda, owned by Issa Brothers and TDR Capital, and Apollo Global Management.

Sky reported that some interested parties were deterred by “WBA’s price expectations and the backdrop of inflation and other cost pressures expected to hamper Boots’ near-term financial performance”.

Previously, American private equity firms Apollo and Sycamore Partners were among the firms thought to have submitted non-binding bids for the business, after prospective bidders had been given until the end of February to submit their first-round bids.

Boots has 2,200 stores in Britain and employs around 55,000 people.