PRIVATE equity firm Apollo and Indian conglomerate Reliance Industries have made a binding bid for high street chemist Boots, according to multiple reports yesterday.

The offer values the company at between £5bn and £6bn, sources close to the bid told two newspapers.

The bid marks the latest twist in Walgreens Boots Alliance's attempts to offload the Nottingham-founded chemist, with a host of private equity bidders said to have been interested.

Earlier this year, a consortium made up of private equity titans CVC and Bain withdrew from the race after admitting they would only be willing to cough up £4bn for it. Analysts suggested the increased offer may be enough to see a deal done.

Chris Beckett, head of equity research at Quilter Cheviot, said: "The news that Walgreens appears to have found a buyer for Boots brings to an end some uncertainty for the company." He suggested that the lower price offering could be "a consequence of recent market volatility".

There remains speculation Walgreens may keep a stake in the company in the event of a sale, further increasing the appeal of any offer.

(c) 2022 City A.M., source Newspaper