KKR now sole bidder
Private equity group Terra Firma has thrown in the towel in the battle for control of Alliance Boots, leaving the way clear for rival KKR to acquire the retailer for£11.1 billion.
Terra Firma - led by tycoon Guy Hands and backed by medical charity Wellcome Trust - withdrew after KKR, allied to Alliance Boots deputy chairman Stefano Pessina, raised its offer price to 1139p a share.
Terra Firma said: 'Boots is a critically important national institution, and we are disappointed not to be able to execute the bold vision we had for the company. We are pleased that the shareholders of Alliance Boots have received a significantly higher price due to our interest and we wish the company and its stakeholders well under new ownership.'
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