The revised offer represents an increase of 40p a share on the£10 offer the board rejected on March 12.
The Boots board has agreed to grant Pessina and KKR a limited period to carry out due diligence. The offer is subject to a recommendation by the board.
KKR had been widely tipped to return with a higher offer.
Boots said that a further announcement will be made 'as and when appropriate'.
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