Bidding for Boots’ seven billion pound business begins

Those hoping to place a bid on Boots are reportedly to begin meeting with the management of the UK firm this week.

The chemist chain is currently valued at seven billion pounds, with a cohort of potential suitors said to be lining up for a potential take over.

A report by The Times stated that owners of Asda, the Issa brothers, are among those interested, as well as a number of private equity firms, including TDR Capital and Sycamore Partners, which, last week, were tied to a possible take over of Ted Baker.

Reports of a Boots sale began making circuits after its owner, US group Walgreens, carried out a complete rebranding of its beauty business, with the company confirming in December 2021 that it was looking to focus more on its American division.

It wasn’t until late January 2022, that the cosmetics group confirmed the sale was to go ahead, striking up an auction process with Goldman Sachs for the pharmaceutical store.

While The Times has said the Asda owners are the current front-runners, with plans that could see the chain implemented into their supermarket concept, other interested parties have also submitted non-binding bids as part of their pursuit to acquire Boots.