A consortium comprising Bain Capital and CVC Capital Partners reportedly decided last week not to submit an offer for high street chemist Boots.
According to Sky News, the consortium – which was one of the leading contenders to buy Boots in a £6bn deal – has abandoned its pursuit in a move that could pave the way for a takeover by supermarket chain Asda.
Sky said the decision came after months of work undertaken by Bain and the involvement of Dominic Murphy, a CVC partner who has been an instrumental figure in Boots’ ownership over the last 15 years.
Sources told Sky the consortium’s decision not to bid was mainly down to the price expectations of the chain’s owner, Walgreens Boots Alliance, where Murphy remains on the board.
The withdrawal of Bain and CVC was understood to leave fewer than a handful of bidders for Boots, with Asda, Apollo Global Management and Sycamore Capital among those still interested.
Sky said indicative offers worth more than £6bn were understood to have been submitted last week.
