Offer did not reflect 'fundamental value', said retailer
The board of Alliance Boots has rejected a£9.7 billion bid for the company from its deputy chairman Stefano Pessina and private equity company Kohlberg Kravis Roberts (KKR).
In a statement, Alliance Boots said it did not believe it 'reflected the fundamental value of the company or the attractive prospects, opportunities or synergies available to Alliance Boots following the very recent completion of its merger.'
The board met today to decide whether to open the company's books to Pessina and KKR.
Last Friday, Pessina, who has a 15 per cent stake in Alliance Boots, made an offer of£10 per share for the company, sending share prices soaring up 115p to 930p.
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