ALLIANCE Boots has rejected the £9.7 billion offer from its deputy chairman Stefano Pessina and private equity firm Kohlberg Kravis Roberts.
The board said the £10-a-share offer "did not reflect the fundamental value of the company or the attractive prospects, opportunities and synergies available to Alliance Boots".
Directors said the offer would not be recommended to Alliance Boots shareholders.
The Alliance Boots board held an emergency meeting to consider the bid without Mr Pessina or his fellow director and long-term partner Ornella Barra being present.
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