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(Sharecast News) - Sigma Healthcare has officially walked away from the bidding process for UK cosmetics and pharmacy chain Boots, the Australian firm announced on Monday.
Just five days after revealing that it had "engaged in preliminary discussions" regarding a possible offer for Boots, Sigma said it has now withdrawn interest and ceased talks immediately.
The Financial Times reported last week that Boots' current owner, the PE firm Sycamore Partners, was mulling a possible $10bn sale of the business - dropping plans to list the entity on the London stock market - naming the Weston family and Sigma as potential suitors.
Sigma said the UK remains a "core offshore market", particularly after buying a controlling stake in pharmacy chain Greenlight Healthcare just last month.
"Sigma engaged in the Boots sale process given the potentially unique opportunity it presented to accelerate its UK expansion through the market-leading Boots brand and large footprint," the Preston, Victoria-based retail pharmacy franchisor and drugstore wholesaler said in a statement to the Australian Stock Exchange.
"However, following its preliminary review the company has concluded that such an acquisition would not currently meet its strategic and capital investment objectives."
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