FT.com / Companies / Retailing leisure - Boots to hold out for higher offer price
Winona Ryder  |  by www.ft.com. All rights reserved. 2.04 | 6:28

Nigel Rudd, chairman of , showed his muscle on Monday as he rejected a £9.7bn bid approach from Kohlberg Kravis Roberts, the private equity powerhouse, and Stefano Pessina, his executive deputy chairman, saying that the £10 a share offer was too low to get the chemist chain to open its books.
In a statement, the company said: “The board does not believe it [the offer] reflects the fundamental value of the company or the attractive prospects, opportunities and synergies available to Alliance Boots following the very recent completion of its merger.

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