THE WHAT? A consortium of Apollo Global Management and Reliance Industries is set to make a binding offer for UK beauty retailer Boots, according to a report by Bloomberg.
THE DETAILS Citing people with knowledge of the matter, it is claimed that the investor group submitted a bid for Boots, which is backed by committed financing.
The other interested party, a consortium of the Issa brothers and TDR Capital, was reported to be considering a drop-out of the race due to price disagreements.
THE WHY? The proposal values the drugstore chain at US$6.3 million, with the offer potentially putting the consortium as the front runner to purchase Boots.
According to the sources, the winning bidder could be chosen as soon as the coming weeks.