All options are still on the table for Boots, according to Walgreens Boots Alliance Inc (NASDAQ:WBA, ETR:W8A), which was reacting to a report that a stock market listing of the UK pharmacy chain had been nixed.
Bloomberg carried the story, which was seen as another blow for the London Stock Exchange, which has become a desert for IPOs.
However, a Walgreens spokesperson said: "We do not comment on rumours or speculation. Walgreens Boots Alliance is conducting a strategic review of our assets to drive sustainable long-term shareholder value. All options are on the table.”
Plans for a Boots spin-out from the US parent have been in the works since 2022 but were paused after an "unexpected and dramatic change" in the market backdrop.
If a separate Boots listing doesn't go ahead, then there's expected to be plenty of interest from private equity.
Cited as potential buyers are Apollo, the owner of Wagamama, Indian conglomerate Reliance Industries and the Issa brothers, the Asda owners whose empire has come under pressure of late. Other private firms such as Bain Capital and CVC were also believed to be in the mix.