Buyout Battle for Alliance Boots

Terra Firma Capital Partners and Wellcome Trust have been joined by HBOS in their efforts to acquire British drugstore chain Alliance Boots PLC. The trio offered a revised 1,115 pence per share for Boots, just after the company's board agreed to accept a 1,090-per share offer from KKR and Boots chairman/largest shareholder Stefano Pessina. The Terra Firma-led offer values Boots at approximately Gbp10.9 billion.