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. Last Updated: 07/27/2016

$20Bln Approach for Boots Chain

LONDON -- Britain's biggest pharmacy chain, Alliance Boots, opened its books to its deputy chairman and a private equity firm after they raised their proposed bid by 4 percent to ?10 billion ($19.7 billion), the company said Friday.

Private equity firm Kohlberg Kravis Roberts and Alliance Boots deputy chairman Stefano Pessina -- a billionaire with a 15 percent stake in the company -- increased their proposed offer to 1,040 pence from 1,000 pence per share, rejected earlier in March.

A source familiar with the matter said the process was likely to take three to four weeks and, if no problems emerged, the Alliance Boots board was likely to back the improved offer.

Alliance Boots sells medicines, beauty products and sandwiches and runs a drugs distribution business.