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Sigma Healthcare Pulls Out of Boots Takeover Talks
Sigma said a Boots deal would miss its investment goals, and shares rose more than 8% as investors welcomed the shift to Australia.
- On Monday, Australia's Sigma Healthcare dropped its pursuit of UK pharmacy chain Boots, citing a primary focus on the local market and sending shares soaring by more than 8%.
- Sigma bosses 'elected to withdraw its interest and cease discussions immediately,' concluding the acquisition would not meet strategic and capital investment objectives despite initially viewing it as a 'potentially unique opportunity.'
- Marc Jocum, a senior product and investment strategist at Global X ETFs, said 'Investors appear to have breathed a sigh of relief,' while Sigma remains committed to UK growth through its controlling stake in Greenlight Healthcare acquired last month.
- Private equity firm Sycamore Partners acquired Boots last year for $23.7 billion from Walgreens Boots Alliance and is reportedly considering an initial public offering on the London Stock Exchange.
- Boots reportedly held talks last week with the Canadian branch of the Weston family, which owns Loblaws, while a private sale would deal a fresh blow to the London Stock Exchange amid sparse major listings.
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Sigma Healthcare Withdraws From Boots Sale Process
(Bloomberg) — Sigma Healthcare Ltd. announced its withdrawal from the Boots sale process, after being among the parties exploring a potential acquisition of the British pharmacy chain in a deal that could be worth as much as $10 billion.
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Total News Sources17
Leaning Left2Leaning Right5Center3Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 20%
C 30%
R 50%
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