US private equity firm Bain Capital and UK-based CVC Capital teamed up to make a joint bid for Boots UK in January.

But while previous reports from The Times, Sky News and The Guardian have indicated that the sale could generate between £6bn and £10bn, there were rumours the two companies had “indicated [they were] willing to pay just £4bn for the business”, the Telegraph suggested in a news report yesterday (April 11).

However, Boots’ parent company Walgreens Boots Alliance has put a reported "£7bn price tag" on the multiple, according to the newspaper.

Read more: Boots owner will reportedly keep stake in chain to ease sale of UK arm

In March, Bain and CVC pulled out of the running, “largely down to the price expectations" of Walgreens Boots Alliance, according to Sky News.

Bain and CVC did not make a formal offer for the chain before withdrawing from the process, a Boots spokesperson confirmed to The Telegraph.

Walgreens Boots Alliance acquired Boots in 2014 in a £9bn deal and sold the multiple’s wholesale arm in 2021.

Low offer “significant”

That Bain and CVC were reportedly only willing to offer £4bn for the multiple is “significant”, The Telegraph said, as CVC’s UK head Dominic Murphy sits on the board of Walgreens and “has been involved with Boots for 15 years”.

Still reportedly in the running to place a bid for Boots UK are Asda’s Issa brothers and American private equity firms Apollo and Sycamore Partners.

Read more: Boots UK sale: speculation and potential market impact – where are we now?

Walgreens Boots Alliance is expected to decide on its preferred bidder by Easter, while a deal should be struck by May, according to The Times.

News of CVC and Bain’s valuation of Boots comes just over a week after Walgreens Boots Alliance reportedly offered to keep a stake of up to 30% in Boots if and when it is sold, according to The Times.