Mukesh Ambani, Britain’s Issa brothers face off in final battle for Boots

Britain’s billionaire Issa brothers and Indian tycoon Mukesh Ambani are preparing to face off in the final battle for the Boots drugstore chain, one of the UK high street’s most recognizable names. The Issas are seen as the party to beat ahead of next week’s deadline for proposals, after they submitted the highest offer in the first round, people with knowledge of the matter said. The duo are going up against Ambani, who’s been working on a bid together with buyout firm Apollo Global Management Inc. Bidders are now sizing up Boots’ billions in pension guarantees — which they’ll have to take on — as they figure out how much they can pay for the business, the people said. They’re also working around the clock to arrange financing in a difficult market, which has gotten that much tougher due to the war in Ukraine, soaring inflation and rising interest rates, according to the people. That’s a lot to sort through, and suitors are getting a few extra days to firm their bids up after the chain’s owner Walgreens Boots Alliance Inc. pushed back the May 16 deadline to later in the week, the people said.