Reliance, Apollo Global close in on Boots buyout; bid may come in today

Walsgreen put up the business for sale in December last year and has been seeking a valuation of about 7 billion pounds

Mukesh Ambani's Reliance Industries and US-based Apollo Global Management are teaming to bid for Boots — the international chemist and drugstore unit of Walsgreen Boots Alliance Inc — according to a report in the Economic Times. The combined bid from Reliance and Apollo for Boots could come in as early as Friday, June 3.

In an earlier development, as reported in Business Standard, a consortium backed by billionaire businessmen Issa brothers was planning to drop out of the race for Boots over price disagreements. They balked at a request by Walgreens to increase their offer for the Boots drugstore chain. 

The Issa-TDR