Wednesday, May 29, 2024

Plans to find buyer for Boots revived

The owner of Boots has reignited its plans to find a buyer for the pharmacy-led health and beauty chain.

Walgreens Boots Alliance is working with advisers to start talks with interested bidders, according to reports from Bloomberg.

It comes after a previous attempt to sell Boots in 2022, before Walgreens Boots Alliance decided to keep the business under its existing ownership, marking the conclusion of a review that saw multibillion pound bids put forward for the company.

At the time Walgreens Boots Alliance said that despite being encouraged by productive discussions with a range of parties, as a result of market instability severely impacting financing availability, no third party was able to make an offer adequately reflecting the high potential value of Boots.

The decision to retain the business was also supported, according to Walgreens Boots Alliance, by ongoing strong performance and growth, which exceeded expectations.

The Nottingham-based business had an asking price of £7bn, with the owners now seeking a similar price. There is also a consideration of listing Boots on the London stock market.

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