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Alliance Boots Shares Gain on Possible Takeover

Shares of Alliance Boots, Britain's largest chain of pharmacies, jumped 6.7% Monday after the company said last week that it received an approach about a possible takeover of the business.

Alliance Boots' deputy chairman, Stefano Pessina, said he and private equity firm Kohlberg Kravis Roberts were behind the friendly approach, which values the business at 1,000 pence ($19.32) per share, or about 9.5 billion pounds ($18.4 billion).

The company's stock stood at 992 pence ($17.98) in London on Monday.

Alliance Boots was formed last year in a merger between drug distributor Alliance Unichem PLC and retail chain Boots Group. It has retail operations in seven European countries and Thailand.

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