March 04, 2025 08:24 GMT
CONSUMER STAPLES: Walgreen Boots; Sycamore may close as soon as Thursday
CONSUMER STAPLES
(WBA: B1 Neg/BB- Stable)
Wall Street Journal is running leaksthat Sycamore (PE) will come in at $11.30-$11.40/share in cash (eqv. ~$9.8b equity value, 11% premium to last close) and is looking to close as soon as Thursday. It says Sycamore will initially take the co private before attempting to sell off or take public segments outside the core US retail (non-core include UK Boots chain and US VillageMD clinics).
Reminder past leaks were also $10b of debt funding being eyed by Sycamore. If so it would be enough to trigger rating downgrades and unlock a CoC at 101.
Keep reading...Show less
98 words