Gehe Gains Victory In Lloyds Chemist Bid

20 January 1997

- Gehe of Germany has finally won the battle for the UK pharmacychain, Lloyds Chemists, with its cash bid of L684 million ($1.15 billion), accepted by Lloyds' shareholders in preference to rival bidder UniChem's lower cash and paper bid (Marketletters passim) worth L668 million. Following UniChem's announcement that it would not increase its bid, Gehe rapidly gained more than a 50% stake in the company, up from 21% on January 10. The finalization of this year-old battle concludes with Gehe becoming the UK's biggest pharmacy chain.

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