Blackstone plans counter-bid for drugs retailer Alliance Boots

Private equity firm Blackstone Group is planning a possible counter-bid for British drugs retailer and distributor Alliance Boots, the Daily Telegraph reported on Thursday, citing sources familiar with the matter. Such a move would frustrate bid efforts by Stefano Pessina, deputy chairman of Alliance Boots, the newspaper said. Pessina, backed by buyout firm Kohlberg Kravis Roberts, was expected to propose a new offer for the firm within weeks, it added. The Times, however, quoted sources close to Pessina as saying he would not be rush-ing back with a new offer for Alliance Boots and was waiting for some encouragement. The company, created from the merger of health and beauty retailer Boots and drugs wholesaler Alliance Unichem last year, rejected a £9.7 billion ($19.06 billion) bid proposal earlier this month from Pessina and KKR.

Courtesy: EconomicTimes
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