Talks over a £7bn sale of Boots are reportedly at risk after the billionaire Weston family lowered its offer for the health & beauty retailer.
The Weston family, the British arm of which controls ABF and Fortnum & Mason, reduced its offer after Australian pharma giant Sigma Healthcare abandoned a rival bid in June, The Telegraph reported.
The Westons’ lowered bid was rejected, leaving talks at a stalemate.
A source close to the negotiations said the prospects of the deal being saved were “50/50”, according to the newspaper.
“It isn’t totally dead,” the source said. “It’s a stand-off. They tried to knock down the price after realising they were the only show in town.
“They came in with a lower number that was deemed unacceptable. The gap isn’t completely insurmountable.”
Boots’ owner Sycamore Partners had been expected to float the retailer on the London Stock Exchange before talks over a sale emerged earlier this summer.
Sigma Healthcare’s exit from the talks left the Westons as the sole bidder.
Sycamore, which bought Boots’ parent company Walgreens Boots Alliance in August last year, is expected to revive the float plan in 2027 if the sale talks are unsuccessful.
Boots’ appointment of Alex Baldock as CEO in May was seen as laying the groundwork for an IPO. The former Currys chief is due to start in autumn.
A return to the IPO plan would be the third time the City has been presented with the prospect of a Boots float since 2024, when Walgreens abandoned a similar plan a year ahead of its takeover by Sycamore.
Sycamore and Boots declined to comment.
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