Indian company Reliance Industries and US private equity firm Apollo have made a £ 5.5bn bid for Boots in a deal that would allow their US parent company to hold a stake of around 30 per cent.
The joint bidders emerged as the health and beauty retailer’s favorites after the Issa brothers, owners of Asda and EG Group, threatened to abandon the process due to a price disagreement last month.
Sources close to the process said that Reliance, controlled by Mukesh Ambani, the richest man in India, and Apollo on Wednesday night presented a proposal to the Walgreens Boots Alliance board that conformed to the many recent agreements. suggesting a price between £ 5.5.