Reliance and Apollo team up to lodge £5bn binding bid for Boots

Boots has revealed it will revive its staff bonus scheme

Reliance Retail and Apollo are understood to have made a formal offer for Boots, which would allow current owner Walgreens to retain a significant minority stake.

The binding bid values the UK health and beauty retailer at between £5bn and £6bn, as first reported by the Financial Times.

The joint bidders have emerged as the frontrunner to snap up Boots after brothers Mohsin and Zuber Issa, who own Asda, threatened to walk away last month alongside joint bidder TDR Capital due to a disagreement over price.

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