The revised offer was conducted via an overnight acquisition of a parcel of shares at that price, which must now be offered to all shareholders. It values the chemist and health and beauty giant at£11.1 billion and means that KKR and Alliance Boots deputy chairman Stefano Pessina now own 21.5 per cent of Boots's shares.
On Friday, private equity firm Terra Firma, led by Guy Hands, made an indicative and conditional offer of£11.15 a share. Hands' bid was unveiled a few hours after the Alliance Boots board recommended that shareholders back KKR's previous offer of£10.90 a share.
KKR and Pessina's stake could act as a block to any counter bid that Terra Firma tables.
Pali International retailing analyst Nick Bubb envisaged KKR trying to buy more shares today, which could shift the odds heavily in its favour.
He added: 'This puts Terra Firma at a significant disadvantage, as they are not meeting with Alliance Boots's management until today and presumably can't make any effective response until after that meeting - although they will no doubt put out a statement urging shareholders to take no action.
'It is possible that they will respond with a 1165p offer, but the price is getting steep. Terra Firma will probably back down now.'
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