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UK - KKR's initial bid for Boots rejected

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KKR's £10-per-share bid for chemist and retailer Alliance Boots, in association with the company's executive deputy chairman Stefano Pessina, has been rejected.

The offer valued the company at £9.7bn. It is expected that KKR will follow up with a higher offer in due course as Alliance Boots shares rallied yesterday. Since the bid was announced last Friday, shares have risen by 22.3%. Listed on the London Stock Exchange, FTSE company Alliance Boots was formed through a £7.8bn merger between Boots and Alliance UniChem in 2006.
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