# Sigma Healthcare pulls out of Boots takeover talks

By Russ Mould — 2026-06-15

Russ Mould, investment director at AJ Bell, said: “The chances of retail group Boots making a stock market return after nearly two decades have increased after Australia’s Sigma Healthcare walked away from a potential takeover.

“Investors Down Under seemed to view this as a bullet dodged judging by the share price reaction.

“This may reflect concern about the risks associated with any big international takeover rather than a reflection of Boots’ own merits as a business.

“Whether Boots’ private equity owner Sycamore can flush out further bid interest will determine the next steps with Canada’s Weston family, the biggest shareholders in Associated British Foods, having also reportedly held talks over acquiring the chemist chain.

“A Boots IPO would be a much-needed boost for the London market.

“There have been several high-profile departures thanks to takeovers or a change in listing venue in recent years and this has been compounded by a distinct lack of fresh blood coming in.

“Boots is a fixture of the UK retail industry and the appointment of Currys boss Alex Baldock as CEO may create some investor buzz if the company does pursue a listing given his successful track record.”

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