India's Apollo Global, Reliance Make a Binding Offer For UK's Boots: Bloomberg

Apollo Global Management Inc. APO and Ambani's Reliance Industries Ltd. led consortium have made a binding offer for Walgreens Boots Alliance Inc.'s WBA international arm, reported Bloomberg, citing people familiar with the matter.
The source stated that the proposal values Boots at more than £5 billion ($6.3 billion). Walgreens is seeking a valuation of around £7 billion for Boots.
After competing suitors began to reconsider, the move might put Apollo and Reliance in pole position to buy Boots.
Bloomberg reported earlier in May that the main competitor, a combination of Britain's billionaire Issa brothers and TDR Capital, was considering withdrawing from the competition owing to price differences.
According to the sources, a winning bidder might be chosen in the coming weeks. Walgreens intends to retain a share in the company following any transaction.
Price Action: APO shares closed lower by 2.98% at $57.32 on Wednesday, and WBA shares are trading lower by 0.23% at $42.50 during the pre-market session on Thursday.
Photo via Wikimedia Commons