Monday, 23 April 2007

Boots private equity bid 'unsettling' for staff

Not surprising there has been quite a bit of union reaction to the likely takeover of Boots. The first bid came from KKR which is working with the company's deputy chair Stefano Pessina. Hopwever a rival hiogher bid has been been put in by Terra Firma and the Wellcome Foundation.

There is some USDAW commentary in the Beeb report here. The GMB has put out a statement calling for Patricia Hewitt to delay the deal. Notably The Observerclaims some insiders at Boots are also worried that the company might be asset stripped.

As always, keep an eye on the role of the pension fund. According to ex-Boots Finance director John Ralfe, the trustees are in a strong position on this one.

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