British drugs wholesaler and retailer Alliance Boots has rejected an informal take-over approach from the group's deputy chairman and US investment group KKR, which had valued the chain at £9.68 billion.
The board of Alliance Boots said it does not believe the proposal reflects the fundamental value of the company or the 'attractive prospects, opportunities and synergies' available to Alliance Boots following the very recent completion of its merger.
'As a result, the board of Alliance Boots has today informed Kohlberg Kravis Roberts and Stefano Pessina that the KKR proposal cannot be recommended to the shareholders of Alliance Boots', the company said.
The approach by Kohlberg Kravis Roberts (KKR) and Stefano Pessina, who already holds 15% of the group's shares, was pitched at 1,000 pence per share and valued Alliance Boots at €14.27 billion.
Alliance Boots is the biggest pharmacy chain in Europe and was created last year by the merger of pharmacy chain Alliance UniChem and health and beauty retailer Boots.
