Offer raised by 40p per share
Private equity group Kohlberg Kravis Roberts (KKR) and Alliance Boots deputy chairman Stefano Pessina have upped their offer for the health and beauty group to£10.2 billion

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'.