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Battle for Boots: Issa brothers vs Mukesh Ambani

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Britain’s billionaire Issa brothers and Indian tycoon Mukesh Ambani are preparing to face off in the final battle for Boots UK ownership, according to Bloomberg.

In the first round, Issa brothers have submitted the highest offer, the people with knowledge of the matter told Bloomberg.

“The brothers are going up against Ambani, who’s been working on a bid together with buyout firm Apollo Global Management Inc.”

The source said: “Bidders are now sizing up Boots’ billions in pension guarantees — which they’ll have to take on — as they figure out how much they can pay for the business.”

They’re also working around the clock to arrange financing in a difficult market, which has gotten that much tougher due to the war in Ukraine, soaring inflation and rising interest rates, according to the people.

Suitors are getting a few extra days to prepare their bids as the May 16 deadline has been further pushed to later in the week, the source told Bloomberg.

Read the full story here.

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