Game over. KKR launched a aggressive double-whammy to block rival Terra Firma’s hopes of winning Alliance Boots, following up its teatime raid on Monday night with a dawn raid before the market opened in London on Tuesday.
The result? After snapping up 49.7m shares – or 6 per cent – of the company yesterday, the consortium on Tuesday officially raised its offer to £11.39 a share, the price it had been buying at the night before, and scooped up another 40.3m shares worth £459m before at 8am.
That leaves the consortium with 10.5 per cent of Boots, to add to the 15.05 per cent stake that deputy chairman Stefano Pessina holds. With other bits and pieces that brings the total stake of KKR and friends to 25.7 per cent, and must spell the end to the rival consortium’s ambitions to take over the drug and beauty group.