M&A

M&A

UK drugstore chain Boots' sale put off over valuation

Business Line  

Reliance Industries' bid to acquire UK-based chemist and drugstore chain Boots has derailed with American retail major Walgreens Boots Alliance deciding to exit sale talks. Walgreens said it did not receive any bids that reflected the potential value of the drugstore chain. Apollo Global Management and Reliance Industries had made a binding bid to acquire Boots for about GBP 5-6 Billion. Walgreens has sought a valuation of about GBP 7 Billion.