Sycamore Partners Rejects Lowered Weston Family Bid for Boots

Takeover discussions for the UK pharmacy chain The Boots Group have stalled after Sycamore Partners rejected a revised, lower offer from the Weston family. The proposed £7 billion transaction became uncertain after the Westons reduced their bid, reportedly attempting to lower the price once they became the sole suitor following the withdrawal of a rival bid from Sigma Healthcare in June.

Sycamore Partners, a US private equity firm, acquired Walgreens Boots Alliance last year and separated The Boots Group into a standalone business. The pharmacy giant currently operates approximately 1,800 stores across the United Kingdom, though it has closed hundreds of underperforming locations since 2022 as part of a cost-cutting initiative.

If negotiations with the Weston family collapse, Sycamore Partners is expected to revive plans for an initial public offering of The Boots Group on the London Stock Exchange next year. In preparation for a potential float, The Boots Group has appointed Alex Baldock as its new CEO, who is scheduled to join the company this autumn.