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Asda owners reportedly considering stepping down from Boots bid

By Rachel Douglass

30 May 2022

Business

Image: Boots

Billionaire duo Issa brothers, the owners of UK supermarket chain Asda, are reportedly considering backing out of the bidding race for Boots, the international arm of the Walgreens Boots Alliance Inc, over price disagreements.

Issas, who were bidding alongside TDR Capital, were said to have resisted Walgreens request to increase their offer and are now mulling walking away, according to a report by Bloomberg.

Initially, the US company had been seeking a valuation of around seven billion pounds for the health and beauty retailer, however bidders were reportedly considering offers closer to five billion pounds.

While the sibling duo could potentially re-enter if a compromise could be met, their stepping down has now put Indian consortium Reliance Industries and Apollo Global Management at the forefront of Boots bidders.

The media outlet reported earlier this week that the group had not yet submitted a second-round offer.

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