Walgreens paring some gains on report bidder for Boots chain is mulling dropping out
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Walgreens (NASDAQ:WBA) pared some earlier gains on a report that a Britain's billionaire Issa Brothers and TDR Capital are considering dropping out of joint bid for the UK Boots drugstore chain.
The consortium resisted a request by Walgreens (WBA) to increase its offer and are now considering exiting the bid altogether, according to traders, who cited a Bloomberg report. It's still possible the group could resume the bidding if a compromise on price can be made. 
The latest report comes after Bloomberg on Monday said that banks are said to be hesitant to finance a buyout of UK drugstore chain Boots. The report indicated that the Issa Brothers and TDR Capital had made a non-binding offer for Boots last week.
Another group, backed by Apollo Global (APO) and Indian tycoon Mukesh Ambani, remains in the auction for Boots, according to the reports. The consortium is still trying to get financing for an offer and hasn't made a second-round bid. 
Sky News reported last month that fewer than a handful of bids were expected to be made at a deadline as some interested buyers were deterred by Walgreens (WBA) price expectations as well as the current inflationary environment.