One of India’s wealthiest men, and a US private equity firm launch a £5bn takeover bid for Boots

A few days back, it was reported that Asda’s owners could be considering withdrawing their offer for Boots.

According to the Press Association, it is understood that the two partnering companies have placed a takeover approach for Boots.

Fresh reports as of Friday stated, one of India’s most powerful men has teamed up with a US-based private equity firm in a bid for the retailer’s takeover. Apollo Global Management and billionaire Mukesh Ambani, whose firm Reliance Industries began working together in April to explore a possible move.

There’s been much recent speculation over the potential sale of the retail giant. Just a few days ago it was reported the owners of Asda could be on the brink of withdrawing their bid for Boots over a disagreement on price.

Boots is the UK’s largest retailer with more than 2200 stores. Boots revealed an increase in sales in the three months ending February in its most recent financial results. This was due to a rebound in footfall on high streets.

A Nottinghamshire MP is seeking assurances because one of India’s wealthiest men has joined hands with a US private equity company to launch a £5Billion takeover attempt for Beeston-based Boots.

Boots employs approximately 8,500 people in Nottinghamshire. Its headquarters are located on Thane Road in Beeston.

Recent speculation has been intense about the sale of the retail giant. Asda could be on the brink of withdrawing their bid for Boots over a disagreement on price. According to reports, the Issa brothers who had teamed up with TDR Capital, a private equity firm, are rethinking their bid for Boots.

It has led to an MP from Broxtowe writing to the Government asking for assurances about the thousands of jobs. Darren Henry, Broxtowe’s Conservative MP said to Nottinghamshire Live that his absolute priority was the welfare and employment of Boots employees. Boots was founded in Nottinghamshire in 1849, and many of my constituents have been a part of its development since then.

“I have written today to the Secretary for State for Business, Energy and Industrial Strategy, asking for assurances that Boots employees’ livelihoods are being considered in their efforts. I will be closely following this deal and any concerns of my constituents are welcome to contact me.

According to the Press Association, it is believed that Boots has been approached by the two partnering companies. Reliance hopes to expand its reach beyond Asia and into Europe.

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