United Press International - NewsTrack - Alliance Boots rejects $18.8B takeover bid
Sam Boyle  |  by www.upi.com. All rights reserved. 2.04 | 6:28

NOTTINGHAM, England, March 13 (UPI) -- British pharmacy giant Alliance Boots PLC has rejected an $18.8 billion takeover bid from a private-equity group as too low, the company's board said.
Britain's largest drugstore chain said Kohlberg Kravis Roberts Co.

and the chain's largest shareholder, Italian billionaire Stefano Pessina, failed to recognize the company's "fundamental value" and its "attractive prospects, opportunities and synergies available following the very recent completion of its merger."
Pessina, who has a 15 percent stake in the company and is its executive vice chairman, was barred from the board meeting, as was Pessina's long-term partner, Ornella Barra, who runs Alliance Boots' wholesaling division, London's Independent newspaper reported.
Pessina and KKR spokesmen declined to comment on the vote or their next step.


They will likely raise their bid rather than drop their plans to take the company private, the Independent said.

Read more on by www.upi.com. All rights reserved.
Keywords: Alliance Boots
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