Frontrunners pull out of £6bn Boots race

The sale of Nottingham-based Boots has taken another twist after reports on Tuesday morning suggested that one of the leading contenders had pulled out of the £6bn race.

Sky News is reporting that a consortium including Bain Capital and CVC Capital Partners have decided against submitting a bid for the high street chemist giant.

The deal has fallen through, according to Sky News, because of the price expectations of the retailer’s owner, Walgreen Boots Alliance.

The move means that Asda, Apollo Global Management and Sycamore Capital remain in the race to buy Boots, with indicative offers thought to have been submitted last week.

Boots has more than 2,000 stores and over 50,000 staff. The sale is being handled by Goldman Sachs.