AG˹ٷ

STOCK TITAN

[SC 13E3/A] Walgreens Boots Alliance, Inc Amended Going Private Transaction

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
SC 13E3/A
Rhea-AI Filing Summary

Walgreens Boots Alliance (WBA) has reached the decisive shareholder-approval stage of its going-private deal with Sycamore Partners-backed Blazing Star Parent. Amendment No. 4 to Schedule 13E-3 confirms that, at the 11 July 2025 special meeting, both required votes were secured: (i) a majority of all outstanding common shares and (ii) a majority of unaffiliated shares supported the Agreement and Plan of Merger dated 6 March 2025.

Key economics: Each outstanding WBA share will be converted into the right to receive (a) $11.45 in cash plus (b) one Divested Asset Proceed Right (DAP Right), whose terms are governed by a separate agreement. Treasury, parent-owned and dissenting shares are excluded.

Post-closing structure: Upon effectiveness, WBA will merge with Blazing Star Merger Sub and become a wholly-owned subsidiary of Blazing Star Parent; WBA common stock will cease public trading.

Sponsor & insider arrangements: � Long-time shareholder Stefano Pessina (through Alliance Santé entities) owns 16.8 % voting power and has signed both a Voting Agreement and a Reinvestment Agreement to roll over cash proceeds into the new private holding companies. � The board unanimously approved the deal, with Pessina and director John Lederer recused.

Next steps: With shareholder approval in hand, closing now depends on remaining customary conditions (e.g., regulatory clearances, financing draw-down) outlined in the Merger Agreement. After closing, public investors will hold no equity interest; liquidity is limited to the cash/DAP consideration.

Walgreens Boots Alliance (WBA) ha raggiunto la fase decisiva di approvazione da parte degli azionisti per la sua operazione di privatizzazione con Blazing Star Parent, sostenuta da Sycamore Partners. L'Emendamento n. 4 al Modulo 13E-3 conferma che, durante l'assemblea speciale dell'11 luglio 2025, sono stati ottenuti entrambi i voti necessari: (i) la maggioranza di tutte le azioni ordinarie in circolazione e (ii) la maggioranza delle azioni non affiliate ha approvato l'Accordo e il Piano di Fusione datato 6 marzo 2025.

Elementi economici chiave: Ogni azione WBA in circolazione sarà convertita nel diritto a ricevere (a) 11,45 dollari in contanti più (b) un Divested Asset Proceed Right (DAP Right), i cui termini sono regolati da un accordo separato. Sono escluse le azioni del Tesoro, quelle di proprietà della società madre e quelle dissentienti.

Struttura post-fusione: Al momento dell'efficacia, WBA si fonderà con Blazing Star Merger Sub e diventerà una controllata interamente posseduta da Blazing Star Parent; le azioni ordinarie WBA cesseranno di essere negoziate pubblicamente.

Accordi con sponsor e insider: � Lo storico azionista Stefano Pessina (attraverso le entità Alliance Santé) detiene il 16,8% del potere di voto e ha sottoscritto sia un Accordo di Voto sia un Accordo di Reinvestimento per reinvestire i proventi in contanti nelle nuove società private. � Il consiglio di amministrazione ha approvato all'unanimità l'accordo, con Pessina e il direttore John Lederer che si sono astenuti.

Prossimi passi: Con l'approvazione degli azionisti ottenuta, la chiusura dipende ora dalle condizioni consuete rimanenti (ad esempio, autorizzazioni regolamentari, erogazione del finanziamento) indicate nell'Accordo di Fusione. Dopo la chiusura, gli investitori pubblici non deterranno alcuna partecipazione azionaria; la liquidità sarà limitata al corrispettivo in contanti/DAP.

Walgreens Boots Alliance (WBA) ha alcanzado la etapa decisiva de aprobación por parte de los accionistas para su acuerdo de privatización con Blazing Star Parent, respaldada por Sycamore Partners. La Enmienda No. 4 al Anexo 13E-3 confirma que, en la reunión especial del 11 de julio de 2025, se aseguraron ambos votos requeridos: (i) la mayoría de todas las acciones ordinarias en circulación y (ii) la mayoría de las acciones no afiliadas apoyaron el Acuerdo y Plan de Fusión fechado el 6 de marzo de 2025.

Aspectos económicos clave: Cada acción en circulación de WBA se convertirá en el derecho a recibir (a) 11.45 dólares en efectivo más (b) un Derecho a Proceder con Activos Divestidos (DAP Right), cuyos términos están regulados por un acuerdo separado. Se excluyen las acciones del tesoro, propiedad de la matriz y disidentes.

Estructura post-cierre: Al entrar en vigor, WBA se fusionará con Blazing Star Merger Sub y se convertirá en una subsidiaria de propiedad total de Blazing Star Parent; las acciones ordinarias de WBA dejarán de cotizar en bolsa.

Acuerdos con patrocinadores e internos: � El accionista de larga data Stefano Pessina (a través de las entidades Alliance Santé) posee el 16.8% del poder de voto y ha firmado tanto un Acuerdo de Votación como un Acuerdo de Reinversión para reinvertir los ingresos en efectivo en las nuevas compañías privadas. � La junta aprobó el acuerdo por unanimidad, con Pessina y el director John Lederer recusados.

Próximos pasos: Con la aprobación de los accionistas obtenida, el cierre ahora depende de las condiciones habituales restantes (por ejemplo, aprobaciones regulatorias, desembolso de financiamiento) detalladas en el Acuerdo de Fusión. Tras el cierre, los inversores públicos no tendrán participación accionaria; la liquidez se limitará a la consideración en efectivo/DAP.

Walgreens Boots Alliance(WBA)� Sycamore Partners가 지원하� Blazing Star Parent와� 비상� 전환 거래� 대� 결정적인 주주 승인 단계� 통과했습니다. 스케� 13E-3� 수정� 4호는 2025� 7� 11� 특별총회에서 � 가지 필수 투표가 확보되었음을 확인합니�: (i) 모든 발행 보통� 과반� � (ii) 비계� 주식 과반수가 2025� 3� 6일자 합병 계약 � 계획� 지지했습니다.

주요 경제 조건: 모든 발행� WBA 주식은 (a) 현금 11.45달러와 (b) 별도� 계약� 의해 조건� 규정� Divested Asset Proceed Right(DAP 권리)� 받을 권리� 전환됩니�. 자사�, 모회� 소유주식 � 반대주식은 제외됩니�.

종료 � 구조: 효력 발생 � WBA� Blazing Star Merger Sub와 합병되어 Blazing Star Parent� 100% 자회사가 되며, WBA 보통주는 공개 거래가 중단됩니�.

스폰� � 내부� 계약: � 오랜 주주� Stefano Pessina(Alliance Santé 법인 통해)� 16.8%� 의결권을 보유하며, 현금 수익� 새로� 비상� 지주회사에 재투자하� 위한 투표 계약 � 재투� 계약� 서명했습니다. � 이사회는 만장일치� 거래� 승인했으�, Pessina와 이사 John Lederer� 이해 상충으로 기권했습니다.

향후 일정: 주주 승인� 완료되어, 거래 종결은 합병 계약� 명시� 일반적인 조건�(�: 규제 승인, 자금 인출) 충족 여부� 달려 있습니다. 종결 � 공개 투자자는 지분을 보유하지 않으�, 유동성은 현금/DAP 보상으로 제한됩니�.

Walgreens Boots Alliance (WBA) a franchi l'étape décisive d'approbation des actionnaires pour son opération de privatisation avec Blazing Star Parent, soutenue par Sycamore Partners. L'amendement n°4 au formulaire 13E-3 confirme que lors de l'assemblée spéciale du 11 juillet 2025, les deux votes requis ont été obtenus : (i) la majorité de toutes les actions ordinaires en circulation et (ii) la majorité des actions non affiliées ont approuvé l'Accord et le Plan de Fusion daté du 6 mars 2025.

Principaux aspects économiques : Chaque action WBA en circulation sera convertie en droit de recevoir (a) 11,45 $ en espèces ainsi que (b) un Droit de Produit d'Actif Cédé (DAP Right), dont les modalités sont régies par un accord distinct. Les actions détenues en trésorerie, par la société mère et les actions dissidentes sont exclues.

Structure post-clôture : À l'entrée en vigueur, WBA fusionnera avec Blazing Star Merger Sub et deviendra une filiale à 100 % de Blazing Star Parent ; les actions ordinaires WBA cesseront d'être cotées en bourse.

Accords avec le sponsor et les initiés : � L'actionnaire de longue date Stefano Pessina (via les entités Alliance Santé) détient 16,8 % du pouvoir de vote et a signé à la fois un Accord de Vote et un Accord de Réinvestissement pour réinvestir les produits en espèces dans les nouvelles sociétés privées. � Le conseil d'administration a approuvé l'accord à l'unanimité, Pessina et le directeur John Lederer s'étant abstenus.

Étapes suivantes : Avec l'approbation des actionnaires obtenue, la clôture dépend désormais des conditions habituelles restantes (par exemple, autorisations réglementaires, déblocage du financement) énoncées dans l'Accord de Fusion. Après la clôture, les investisseurs publics ne détiendront aucune participation ; la liquidité se limite à la contrepartie en espèces/DAP.

Walgreens Boots Alliance (WBA) hat die entscheidende Phase der Aktionärszustimmung für den geplanten Börsenrückzug mit Blazing Star Parent, unterstützt von Sycamore Partners, erreicht. Nachtrag Nr. 4 zum Schedule 13E-3 bestätigt, dass bei der außerordentlichen Hauptversammlung am 11. Juli 2025 beide erforderlichen Abstimmungen gesichert wurden: (i) die Mehrheit aller ausstehenden Stammaktien und (ii) die Mehrheit der nicht verbundenen Aktien unterstützten den am 6. März 2025 datierten Fusionsvertrag und -plan.

Wesentliche wirtschaftliche Bedingungen: Jede ausstehende WBA-Aktie wird in das Recht umgewandelt, (a) 11,45 US-Dollar in bar sowie (b) ein Divested Asset Proceed Right (DAP Right) zu erhalten, dessen Bedingungen in einer separaten Vereinbarung geregelt sind. Eigene Aktien, elternbesessene und abweichende Aktien sind ausgeschlossen.

Struktur nach Abschluss: Mit Wirksamkeit wird WBA mit Blazing Star Merger Sub verschmolzen und eine hundertprozentige Tochtergesellschaft von Blazing Star Parent; die WBA-Stammaktien werden nicht mehr öffentlich gehandelt.

Sponsor- und Insider-Vereinbarungen: � Der langjährige Aktionär Stefano Pessina (über Alliance Santé-Einheiten) besitzt 16,8 % der Stimmrechte und hat sowohl eine Stimmrechtsvereinbarung als auch eine Reinvestitionsvereinbarung unterzeichnet, um die Barausschüttungen in die neuen privaten Holdinggesellschaften zu reinvestieren. � Der Vorstand hat dem Deal einstimmig zugestimmt, wobei Pessina und Direktor John Lederer sich der Stimme enthielten.

Nächste Schritte: Mit der Zustimmung der Aktionäre hängt der Abschluss nun von den verbleibenden üblichen Bedingungen ab (z. B. behördliche Genehmigungen, Finanzierungsabruf), die im Fusionsvertrag festgelegt sind. Nach dem Abschluss halten öffentliche Investoren keine Beteiligungen mehr; die Liquidität beschränkt sich auf die Bar-/DAP-Vergütung.

Positive
  • Shareholder approval achieved, satisfying a critical closing condition and reducing deal-completion risk.
  • $11.45 per share cash payout provides certainty of value to holders upon closing.
  • Բ� reinvestment agreement signals ongoing commitment to the business post-transaction.
Negative
  • Public shares will be delisted, eliminating ongoing liquidity and market participation for current investors.
  • Value of DAP Rights is uncertain; future proceeds depend on divestiture outcomes not yet quantified.

Insights

TL;DR: Shareholder nod clears $11.45-per-share cash + DAP take-private; regulatory/financing closing conditions remain.

The affirmative vote by both overall and unaffiliated shareholders satisfies the most material closing condition under the Merger Agreement. Cash consideration is fixed, limiting price risk for holders awaiting completion; the contingent DAP Right offers upside tied to asset divestiture proceeds but carries valuation uncertainty. Board recusal of related directors and dual fairness opinions (Centerview, Morgan Stanley) strengthen procedural safeguards, reducing litigation risk. Financing appears well mapped via multiple commitment letters, lowering deal-execution risk. Overall impact: moderately positive as the transaction advances toward consummation.

TL;DR: Liquidity event locked-in; public shareholders trade equity upside for $11.45 cash plus contingent right.

For arbitrageurs, the filing removes voting uncertainty, shifting focus to spread-to-close and regulatory timeline. Income-oriented investors lose future dividend streams once shares delist. Without disclosed market-price premium data, risk-adjusted return hinges on timing and DAP Right valuation. The reinvestment by Pessina aligns insiders with post-deal value creation but eliminates minority participation. Impact on existing portfolios is neutral to slightly positive: certainty of cash exit but forfeiture of long-term public market upside.

Walgreens Boots Alliance (WBA) ha raggiunto la fase decisiva di approvazione da parte degli azionisti per la sua operazione di privatizzazione con Blazing Star Parent, sostenuta da Sycamore Partners. L'Emendamento n. 4 al Modulo 13E-3 conferma che, durante l'assemblea speciale dell'11 luglio 2025, sono stati ottenuti entrambi i voti necessari: (i) la maggioranza di tutte le azioni ordinarie in circolazione e (ii) la maggioranza delle azioni non affiliate ha approvato l'Accordo e il Piano di Fusione datato 6 marzo 2025.

Elementi economici chiave: Ogni azione WBA in circolazione sarà convertita nel diritto a ricevere (a) 11,45 dollari in contanti più (b) un Divested Asset Proceed Right (DAP Right), i cui termini sono regolati da un accordo separato. Sono escluse le azioni del Tesoro, quelle di proprietà della società madre e quelle dissentienti.

Struttura post-fusione: Al momento dell'efficacia, WBA si fonderà con Blazing Star Merger Sub e diventerà una controllata interamente posseduta da Blazing Star Parent; le azioni ordinarie WBA cesseranno di essere negoziate pubblicamente.

Accordi con sponsor e insider: � Lo storico azionista Stefano Pessina (attraverso le entità Alliance Santé) detiene il 16,8% del potere di voto e ha sottoscritto sia un Accordo di Voto sia un Accordo di Reinvestimento per reinvestire i proventi in contanti nelle nuove società private. � Il consiglio di amministrazione ha approvato all'unanimità l'accordo, con Pessina e il direttore John Lederer che si sono astenuti.

Prossimi passi: Con l'approvazione degli azionisti ottenuta, la chiusura dipende ora dalle condizioni consuete rimanenti (ad esempio, autorizzazioni regolamentari, erogazione del finanziamento) indicate nell'Accordo di Fusione. Dopo la chiusura, gli investitori pubblici non deterranno alcuna partecipazione azionaria; la liquidità sarà limitata al corrispettivo in contanti/DAP.

Walgreens Boots Alliance (WBA) ha alcanzado la etapa decisiva de aprobación por parte de los accionistas para su acuerdo de privatización con Blazing Star Parent, respaldada por Sycamore Partners. La Enmienda No. 4 al Anexo 13E-3 confirma que, en la reunión especial del 11 de julio de 2025, se aseguraron ambos votos requeridos: (i) la mayoría de todas las acciones ordinarias en circulación y (ii) la mayoría de las acciones no afiliadas apoyaron el Acuerdo y Plan de Fusión fechado el 6 de marzo de 2025.

Aspectos económicos clave: Cada acción en circulación de WBA se convertirá en el derecho a recibir (a) 11.45 dólares en efectivo más (b) un Derecho a Proceder con Activos Divestidos (DAP Right), cuyos términos están regulados por un acuerdo separado. Se excluyen las acciones del tesoro, propiedad de la matriz y disidentes.

Estructura post-cierre: Al entrar en vigor, WBA se fusionará con Blazing Star Merger Sub y se convertirá en una subsidiaria de propiedad total de Blazing Star Parent; las acciones ordinarias de WBA dejarán de cotizar en bolsa.

Acuerdos con patrocinadores e internos: � El accionista de larga data Stefano Pessina (a través de las entidades Alliance Santé) posee el 16.8% del poder de voto y ha firmado tanto un Acuerdo de Votación como un Acuerdo de Reinversión para reinvertir los ingresos en efectivo en las nuevas compañías privadas. � La junta aprobó el acuerdo por unanimidad, con Pessina y el director John Lederer recusados.

Próximos pasos: Con la aprobación de los accionistas obtenida, el cierre ahora depende de las condiciones habituales restantes (por ejemplo, aprobaciones regulatorias, desembolso de financiamiento) detalladas en el Acuerdo de Fusión. Tras el cierre, los inversores públicos no tendrán participación accionaria; la liquidez se limitará a la consideración en efectivo/DAP.

Walgreens Boots Alliance(WBA)� Sycamore Partners가 지원하� Blazing Star Parent와� 비상� 전환 거래� 대� 결정적인 주주 승인 단계� 통과했습니다. 스케� 13E-3� 수정� 4호는 2025� 7� 11� 특별총회에서 � 가지 필수 투표가 확보되었음을 확인합니�: (i) 모든 발행 보통� 과반� � (ii) 비계� 주식 과반수가 2025� 3� 6일자 합병 계약 � 계획� 지지했습니다.

주요 경제 조건: 모든 발행� WBA 주식은 (a) 현금 11.45달러와 (b) 별도� 계약� 의해 조건� 규정� Divested Asset Proceed Right(DAP 권리)� 받을 권리� 전환됩니�. 자사�, 모회� 소유주식 � 반대주식은 제외됩니�.

종료 � 구조: 효력 발생 � WBA� Blazing Star Merger Sub와 합병되어 Blazing Star Parent� 100% 자회사가 되며, WBA 보통주는 공개 거래가 중단됩니�.

스폰� � 내부� 계약: � 오랜 주주� Stefano Pessina(Alliance Santé 법인 통해)� 16.8%� 의결권을 보유하며, 현금 수익� 새로� 비상� 지주회사에 재투자하� 위한 투표 계약 � 재투� 계약� 서명했습니다. � 이사회는 만장일치� 거래� 승인했으�, Pessina와 이사 John Lederer� 이해 상충으로 기권했습니다.

향후 일정: 주주 승인� 완료되어, 거래 종결은 합병 계약� 명시� 일반적인 조건�(�: 규제 승인, 자금 인출) 충족 여부� 달려 있습니다. 종결 � 공개 투자자는 지분을 보유하지 않으�, 유동성은 현금/DAP 보상으로 제한됩니�.

Walgreens Boots Alliance (WBA) a franchi l'étape décisive d'approbation des actionnaires pour son opération de privatisation avec Blazing Star Parent, soutenue par Sycamore Partners. L'amendement n°4 au formulaire 13E-3 confirme que lors de l'assemblée spéciale du 11 juillet 2025, les deux votes requis ont été obtenus : (i) la majorité de toutes les actions ordinaires en circulation et (ii) la majorité des actions non affiliées ont approuvé l'Accord et le Plan de Fusion daté du 6 mars 2025.

Principaux aspects économiques : Chaque action WBA en circulation sera convertie en droit de recevoir (a) 11,45 $ en espèces ainsi que (b) un Droit de Produit d'Actif Cédé (DAP Right), dont les modalités sont régies par un accord distinct. Les actions détenues en trésorerie, par la société mère et les actions dissidentes sont exclues.

Structure post-clôture : À l'entrée en vigueur, WBA fusionnera avec Blazing Star Merger Sub et deviendra une filiale à 100 % de Blazing Star Parent ; les actions ordinaires WBA cesseront d'être cotées en bourse.

Accords avec le sponsor et les initiés : � L'actionnaire de longue date Stefano Pessina (via les entités Alliance Santé) détient 16,8 % du pouvoir de vote et a signé à la fois un Accord de Vote et un Accord de Réinvestissement pour réinvestir les produits en espèces dans les nouvelles sociétés privées. � Le conseil d'administration a approuvé l'accord à l'unanimité, Pessina et le directeur John Lederer s'étant abstenus.

Étapes suivantes : Avec l'approbation des actionnaires obtenue, la clôture dépend désormais des conditions habituelles restantes (par exemple, autorisations réglementaires, déblocage du financement) énoncées dans l'Accord de Fusion. Après la clôture, les investisseurs publics ne détiendront aucune participation ; la liquidité se limite à la contrepartie en espèces/DAP.

Walgreens Boots Alliance (WBA) hat die entscheidende Phase der Aktionärszustimmung für den geplanten Börsenrückzug mit Blazing Star Parent, unterstützt von Sycamore Partners, erreicht. Nachtrag Nr. 4 zum Schedule 13E-3 bestätigt, dass bei der außerordentlichen Hauptversammlung am 11. Juli 2025 beide erforderlichen Abstimmungen gesichert wurden: (i) die Mehrheit aller ausstehenden Stammaktien und (ii) die Mehrheit der nicht verbundenen Aktien unterstützten den am 6. März 2025 datierten Fusionsvertrag und -plan.

Wesentliche wirtschaftliche Bedingungen: Jede ausstehende WBA-Aktie wird in das Recht umgewandelt, (a) 11,45 US-Dollar in bar sowie (b) ein Divested Asset Proceed Right (DAP Right) zu erhalten, dessen Bedingungen in einer separaten Vereinbarung geregelt sind. Eigene Aktien, elternbesessene und abweichende Aktien sind ausgeschlossen.

Struktur nach Abschluss: Mit Wirksamkeit wird WBA mit Blazing Star Merger Sub verschmolzen und eine hundertprozentige Tochtergesellschaft von Blazing Star Parent; die WBA-Stammaktien werden nicht mehr öffentlich gehandelt.

Sponsor- und Insider-Vereinbarungen: � Der langjährige Aktionär Stefano Pessina (über Alliance Santé-Einheiten) besitzt 16,8 % der Stimmrechte und hat sowohl eine Stimmrechtsvereinbarung als auch eine Reinvestitionsvereinbarung unterzeichnet, um die Barausschüttungen in die neuen privaten Holdinggesellschaften zu reinvestieren. � Der Vorstand hat dem Deal einstimmig zugestimmt, wobei Pessina und Direktor John Lederer sich der Stimme enthielten.

Nächste Schritte: Mit der Zustimmung der Aktionäre hängt der Abschluss nun von den verbleibenden üblichen Bedingungen ab (z. B. behördliche Genehmigungen, Finanzierungsabruf), die im Fusionsvertrag festgelegt sind. Nach dem Abschluss halten öffentliche Investoren keine Beteiligungen mehr; die Liquidität beschränkt sich auf die Bar-/DAP-Vergütung.

 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

SCHEDULE 13E-3

RULE 13E-3 TRANSACTION STATEMENT UNDER SECTION 13(E)

OF THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

 

 

Walgreens Boots Alliance, Inc.

(Name of the Issuer)

 

 

Walgreens Boots Alliance, Inc.

Blazing Star Parent, LLC

Blazing Star Merger Sub, Inc.

Sycamore Partners III, L.P.

Sycamore Partners III-A, L.P.

Sycamore Partners Wing Co-Invest, L.P.

Sycamore Partners III GP, L.P.

Sycamore Partners III GP, Ltd.

Blazing Star CCX Superco, Inc.

Blazing Star IA Parent, LLC

Blazing Star Shields Superco II, LLC

Blazing Star Investors, LLC

Blazing Star Boots Superco (Jersey) Limited

Blazing Star Retail Blocker Buyer, LLC

Blazing Star Office Blocker Buyer, LLC

Blazing Star DC Blocker Buyer, LLC

Blazing Star Excluded Property Blocker Buyer, LLC

Alliance Sante Participations Ltd.

Stefano Pessina

(Names of Persons Filing Statement)

 

 

Common Stock, par value $0.01 per share

(Title of Class of Securities)

931427108

(CUSIP Number of Class of Securities)

 

 

 

Walgreens Boots Alliance, Inc.

108 Wilmot Road

Deerfield, Illinois 60015

(847) 315-3700

Attn: Lanesha Minnix, Executive Vice President and Global Chief Legal Officer

 

Blazing Star Parent, LLC

Blazing Star Merger Sub, Inc.

Sycamore Partners III, L.P.

Sycamore Partners III-A, L.P.

Sycamore Partners Wing Co-Invest, L.P.

Sycamore Partners III GP, L.P.

Sycamore Partners III GP, Ltd.

Blazing Star CCX Superco, Inc.

Blazing Star IA Parent, LLC

Blazing Star Shields Superco II, LLC

Blazing Star Investors, LLC

Blazing Star Boots Superco (Jersey) Limited

Blazing Star Retail Blocker Buyer, LLC

Blazing Star Office Blocker Buyer, LLC

Blazing Star DC Blocker Buyer, LLC

Blazing Star Excluded Property Blocker Buyer, LLC

9 West 57th Street, 31st Floor

New York, NY 10019

(212) 796-8500

Attn: Stefan Kaluzny

 

Alliance Sante Participations Ltd.

3rd Floor, Citrus Grove

106 Goring Avenue George Town,

PO Box 10085

Grand Cayman, KY1-1001

Cayman Islands

(345) 747-2739

Attn: Simone Retter

 

Stefano Pessina

24, boulevard du Ténao

98000 Monaco

+377 99 99 60 40

 

(Name, Address, and Telephone Numbers of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)

With copies to

 

Joshua N. Korff, P.C.

Rachael G. Coffey, P.C.

Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York 10022

(212) 446-4800

 

Brian Wolfe

Darren Schweiger

Michael Senders

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, New York 10017

(212) 450-10017

 

Jeffrey J. Rosen

Gordon S. Moodie

Emily F. Huang

Debevoise & Plimpton LLP

66 Hudson Boulevard

New York, New York 10001

(212) 909-6000

  

Ben Burman Avocat EURL

69, avenue Victor Hugo

75116 Paris, France

+33 1 45 02 19 19

 

 

This statement is filed in connection with (check the appropriate box):

 

a. 

    The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.

b. 

    The filing of a registration statement under the Securities Act of 1933.

c. 

    A tender offer.

d. 

    None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☐

Check the following box if the filing is a final amendment reporting the results of the transaction: ☐

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of this transaction, passed upon the merits or fairness of this transaction or passed upon the adequacy or accuracy of the disclosure in this transaction statement on Schedule 13E-3. Any representation to the contrary is a criminal offense.

 

 
 


Introduction

This Amendment No. 4 to the Transaction Statement on Schedule 13E-3 (as amended, this “Transaction Statement”) is being filed with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”), by (1) Walgreens Boots Alliance, Inc., a Delaware corporation (“WBA” or the “Company”); (2) Blazing Star Parent, LLC, a Delaware limited liability company (“Parent”), (3) Blazing Star Merger Sub, Inc. (“Merger Sub”), a Delaware corporation, (4) Sycamore Partners III, L.P., a Cayman Islands exempted limited partnership (“Sycamore Partners III, L.P.”), (5) Sycamore Partners III-A, L.P., a Cayman Islands exempted limited partnership (“Sycamore Partners III-A, L.P.”), (6) Sycamore Partners Wing Co-Invest, L.P., a Delaware limited partnership (“Sycamore Partners Wing Co-Invest, L.P.”), (7) Sycamore Partners III GP, L.P., a Cayman limited partnership (“Sycamore Partners III GP, L.P.”), (8) Sycamore Partners III GP, Ltd., a Cayman limited company (“Sycamore Partners III GP, Ltd.”), (9) Blazing Star CCX Superco, Inc., a Delaware corporation (“Blazing Star CCX Superco, Inc.”), (10) Blazing Star IA Parent, LLC, a Delaware limited liability company (“Blazing Star IA Parent, LLC”), (11) Blazing Star Shields Superco II, LLC, a Delaware limited liability company (“Blazing Star Shields Superco II, LLC”), (12) Blazing Star Investors, LLC, a Delaware limited liability company (“Blazing Star Investors, LLC”), (13) Blazing Star Boots Superco (Jersey) Limited, a Jersey private limited company (“Blazing Star Boots Superco (Jersey) Limited”), (14) Blazing Star Retail Blocker Buyer, LLC, a Delaware limited liability company (“Blazing Star Retail Blocker Buyer”), (15) Blazing Star Office Blocker Buyer, LLC, a Delaware limited liability company (“Blazing Star Office Blocker Buyer”), (16) Blazing Star DC Blocker Buyer, LLC, a Delaware limited liability company (“Blazing Star DC Blocker Buyer”), (17) Blazing Star Excluded Property Blocker Buyer, LLC, a Delaware limited liability company (“Blazing Star Excluded Property Blocker Buyer”), (18) Alliance Sante Participations Ltd., a Cayman Islands exempted company (“ASP Cayman”), and (19) Stefano Pessina, a Monégasque citizen (“Pessina”) (each of (1) through (19) a “Filing Person,” and collectively, the “Filing Persons”).

This Transaction Statement relates to the Agreement and Plan of Merger, dated as of March 6, 2025 (as it may be amended from time to time, the “Merger Agreement”), by and among the Company, Parent, Merger Sub and the other affiliates of Parent named therein, pursuant to which, subject to the terms and conditions set forth therein and among other things, Merger Sub will be merged with and into the Company with the Company surviving such merger as a wholly owned subsidiary of Parent (the “Merger”).

Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of the Company’s common stock, par value $0.01 per share (“Company Common Stock”) issued and outstanding immediately prior to the Effective Time (other than any shares of Company Common Stock that are held by the Company as treasury stock or owned by Parent, Merger Sub or any other affiliate thereof (the “Excluded Shares”), or any shares of Company Common Stock as to which appraisal rights have been properly exercised in accordance with the General Corporation Law of the state of Delaware (the “DGCL”) (the “Dissenting Shares”)) will be automatically converted into the right to receive (a) cash in an amount equal to $11.45, without interest thereon and subject to all applicable withholding (the “Per Share Cash Consideration”), and (b) one divested asset proceed right (each, a “Divested Asset Proceed Right” or “DAP Right”) issued by Parent or one of its affiliates subject to and in accordance with the Divested Asset Proceed Rights Agreement (the “Per Share DAP Right Consideration” and, collectively with the Per Share Cash Consideration, the “Per Share Consideration”). Following the completion of the Merger, the shares of Company Common Stock will no longer be publicly traded, and holders of such shares of Company Common Stock that have been converted into the right to receive the Per Share Consideration will cease to have any ownership interest in the Company.

In connection with the entry into the Merger Agreement, Pessina and Alliance Santé Participations S.A., a Luxembourg société anonyme and a 100% controlled affiliate of Pessina (“ASP”), entered into a voting agreement (the “Voting Agreement”), with the Company and Parent. On April 27, 2025, in connection with the sale and transfer by Pessina and ASP of all the shares of Company Common Stock held of record by them to

 

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ASP Cayman (the “SP Investors Restructuring”), ASP Cayman was joined as a party to the Voting Agreement (Pessina and ASP Cayman are referred to in this Transaction Statement as the “SP Investors”). The shares beneficially owned by the SP Investors represent, in the aggregate, 16.8% of the outstanding voting power of the Company’s capital stock as of June 3, 2025. The SP Investors agreed, on the terms and subject to the conditions set forth in the Voting Agreement, to vote their shares of the Company’s capital stock owned by them: (1) in favor of the adoption of the Merger Agreement and the approval of the Merger and the other transactions contemplated by the Merger Agreement (the “Transactions”), and to vote against, among other things, any Acquisition Proposal (as defined in the Merger Agreement) or other proposal made in opposition to or in competition with the Merger Agreement and the Merger. The Voting Agreement will terminate on the earliest to occur of (i) the valid termination of the Merger Agreement in accordance with its terms and (ii) the Effective Time. Effective June 5, 2025, ASP has been dissolved, all of its assets and liabilities have vested in ASP Cayman, and its separate legal existence has ceased.

Also in connection with the entry into the Merger Agreement, Pessina and ASP entered into a reinvestment agreement (the “Reinvestment Agreement”) with Parent, which ASP Cayman joined on April 27, 2025 in connection with the SP Investors Restructuring. Pursuant to the Reinvestment Agreement, the SP Investors have agreed, on the terms and subject to the conditions set forth in the Reinvestment Agreement, to reinvest the aggregate Per Share Cash Consideration received by the SP Investors and an incremental cash investment, in each case, to purchase, immediately following the closing of the Merger, new equity interests in the Topcos (as defined in the Proxy Statement). Immediately following the closing of the transactions contemplated by the Reinvestment Agreement, the proportion of equity at each Topco, held by the SP Investors, on the one hand, and Sycamore and its affiliates, on the other hand, will be the same at each Topco. The Reinvestment Agreement will terminate either (i) upon the mutual written consent of Parent, the SP Investors and the Company or (ii) automatically if the Merger Agreement is terminated in accordance with its terms.

The Company’s board of directors (the “Board”), with Stefano Pessina and John Lederer (the “Recused Directors”) recused from the deliberations and approval, unanimously (1) determined that it is fair to, and in the best interests of the Company and the Company’s stockholders (including the unaffiliated stockholders (as defined below)), and declared it advisable, to enter into the Merger Agreement and certain other transaction documents, in each case, upon the terms and subject to the conditions set forth therein, (2) approved the execution and delivery of the Merger Agreement and certain other transaction documents by the Company, the performance by the Company of its covenants and other obligations thereunder, and the consummation of the Merger upon the terms and subject to the conditions set forth therein, (3) resolved to recommend that the Company’s stockholders adopt and approve the Merger Agreement in accordance with the DGCL; and (4) directed that the adoption and approval of the Merger Agreement be submitted for consideration by the Company’s stockholders at a meeting thereof.

The approval of the proposal to adopt and approve the Merger Agreement, which we refer to as the “Merger Agreement Proposal,” required both the affirmative vote of (a) the holders of a majority of the outstanding shares of Company Common Stock entitled to vote on such matter at the Special Meeting, which we refer to as the “Delaware law vote condition,” and (b) the holders of a majority of the outstanding shares of Company Common Stock held by the unaffiliated stockholders cast on such matter at the Special Meeting, which we refer to as the “unaffiliated vote condition.” The unaffiliated stockholders are the holders of shares of Company Common Stock other than Stefano Pessina, John Lederer, Parent and any of their respective affiliates.

The Company previously filed with the SEC a definitive proxy statement (as amended, the “Proxy Statement”) under Regulation 14A of the Exchange Act, pursuant to which the Board solicited proxies from stockholders of the Company in connection with the Merger. The Proxy Statement is attached hereto as Exhibit (a)(1). A copy of the Merger Agreement is attached to the Proxy Statement as Annex A and is incorporated herein by reference. Terms used but not defined in this Transaction Statement have the meanings assigned to them in the Proxy Statement.

 

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Pursuant to General Instruction F to Schedule 13E-3, the information in the Proxy Statement, including all annexes thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement and the annexes thereto. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3.

While each of the Filing Persons acknowledges that the Merger is a going private transaction for purposes of Rule 13E-3 under the Exchange Act, the filing of this Transaction Statement shall not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that the Company is “controlled” by any of the Filing Persons and/or their respective affiliates.

The information concerning the Company contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by the Company. Similarly, all information concerning each other Filing Person contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by such Filing Person. No Filing Person, including the Company, is responsible for the accuracy of any information supplied by any other Filing Person.

Except as otherwise set forth herein, the information set forth in the Transaction Statement remains unchanged and is incorporated by reference into this Amendment No. 4.

 

Item 15.

Additional Information

Regulation M-A Item 1011(c)

(c) Other material information. The information set forth in response to Item 1011(c) of Regulation M-A is hereby amended and supplemented as follows:

On July 11, 2025, at the Special Meeting, the Company’s stockholders voted to (i) approve the Merger Agreement Proposal and (ii) approve by nonbinding, advisory vote certain compensation arrangements for the Company’s named executive officers in connection with the Merger. In light of the approval of the Merger Agreement Proposal, the Adjournment Proposal was rendered moot and was not presented at the Special Meeting.

The Merger Agreement Proposal was approved by both the affirmative vote of (i) the holders of a majority of the outstanding shares of Company Common Stock entitled to vote on such matter at the Special Meeting and (ii) the holders of a majority of the outstanding shares of Company Common Stock held by the unaffiliated stockholders cast on such matter at the Special Meeting. Each outstanding share of Company Common Stock owned of record on the Record Date was entitled to one vote for each matter considered at the Special Meeting.

 

Item 16.

Exhibits

Regulation M-A Item 1016(a) through (d), (f) and (g)

(a)(1) Definitive Proxy Statement of Walgreens Boots Alliance, Inc. (the “Proxy Statement”) (included in the Schedule 14A filed with the SEC on June 6, 2025 and incorporated herein by reference).

(a)(2) Form of Proxy Card (included in the Proxy Statement and incorporated herein by reference).

(a)(3) Letter to WBA Stockholders (included in the Proxy Statement and incorporated herein by reference).

(a)(4) Notice of Special Meeting of Stockholders (included in the Proxy Statement and incorporated herein by reference).

 

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(a)(5) Current Report on Form 8-K, dated March 6, 2025 (included in Schedule 14A filed on March 6, 2025 and incorporated herein by reference).

(a)(6) W Worldwide / W Connect Transaction Page (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(7) W Connect Weekly Friday Post from Tim Wentworth, Chief Executive Officer (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(8) Senior Leader Meeting Presentation, dated March 6, 2025 (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(9) Corporate LinkedIn Post, dated March 6, 2025 (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(10) LinkedIn Repost from Tim Wentworth, Chief Executive Officer, dated March 6, 2025 (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(11) LinkedIn Repost from Walgreens, dated March 6, 2025 (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(12) Walgreens Customer-Facing Transaction Overview (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(13) B2B Reactive Email Response (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(14) CareCentrix CEO Team Member Email, dated March 6, 2025 (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(15) CEO Message to Team Members, dated March 6, 2025 (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(16) Partner Email (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(17) Shields CEO Team Member Email, dated March 6, 2025 (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(18) Shields Health Solutions Partner Email (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(19) U.S. Regulator / Government Relationship Manager Email (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(20) VillageMD Team Member Communications, dated March 6, 2025 (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(21) Summit Health and CityMD Follow-Up Memo (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(22) Village Medical Follow-Up Memo (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

 

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(a)(23) Investor / Analyst Email – Courtesy Note (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(24) Team Member FAQ (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(25) Store Manager Toolkit: Customer FAQ/Q&A—Store Employee Talking Points (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(26) Tim Wentworth, Video Message to Team Members (Transcript), dated March 6, 2025 (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(27) U.S. Town Hall – Transcript, dated March 7, 2025 (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(28) U.S. Town Hall – Presentation, dated March 7, 2025 (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(29) INTERNATIONAL B2B Stakeholder and Brand Partner Letter—Ireland, (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(30) INTERNATIONAL B2B Stakeholder and Brand Partner Letter (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(31) INTERNATIONAL Government Stakeholder Letter Ireland (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(32) INTERNATIONAL Government Stakeholder Letter UK (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(33) INTERNATIONAL Internal Email to Team Members (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(34) INTERNATIONAL LinkedIn Repost from Boots, dated March 7, 2025 (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(35) SENIOR LEADERS TOOLKIT – OVERVIEW AND Q&A (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(36) INTERNATIONAL Store Manager Message and Q&A (included in Schedule 14A filed on March 7, 2025 and incorporated herein by reference).

(a)(37) INTERNATIONAL Union Letter Ireland (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(38) INTERNATIONAL Union Letter (included in Schedule 14A filed on March  7, 2025 and incorporated herein by reference).

(a)(39) International Customer Service Materials and Q&A (included in Schedule 14A filed on March 10, 2025 and incorporated herein by reference).

(a)(40) Current Report on Form 8-K, dated March 6, 2025 (included in Schedule 14A filed on March 10, 2025 and incorporated herein by reference).

 

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(a)(41) Supplemental Slides to the Investor Presentation, dated March 11, 2025 (included in Schedule 14A filed on March 11, 2025 and incorporated herein by reference).

(a)(42) INTERNATIONAL Franchise Letter – Opticians (included in Schedule 14A filed on March  11, 2025 and incorporated herein by reference).

(a)(43) International Team Member Balcony Briefing Video Transcript (included in Schedule 14A filed on March 12, 2025 and incorporated herein by reference).

(a)(44) Walgreens W Connect Reminder for Team Members, dated March 13, 2025 (included in Schedule 14A filed on March  13, 2025 and incorporated herein by reference).

(a)(45) Tim Wentworth, CEO 3/14/25 Update to Team Members on Walgreens W Connect, dated March 14, 2025 (included in Schedule 14A filed on March 14, 2025 and incorporated herein by reference).

(a)(46) No7 Beauty Company B2B Stakeholder and Brand Partner Letter (included in Schedule 14A filed on March  17, 2025 and incorporated herein by reference).

(a)(47) Anthony Hemmerdinger (Managing Director, Boots UK and Ireland) Weekly Vlog to Team Members Script, dated March 19, 2025 (included in Schedule 14A filed on March 19, 2025 and incorporated herein by reference).

(a)(48) Email to Investors Regarding the Filing of the Preliminary Proxy (included in Schedule 14A filed on April 14, 2025 and incorporated herein by reference).

(a)(49) Preliminary Proxy Team Member Q&A (included in Schedule 14A filed on April 15, 2025 and incorporated herein by reference).

(a)(50) Tim Wentworth, CEO 4/18/25 Update to Team Members on Walgreens W Connect (included in Schedule 14A filed on April 18, 2025 and incorporated herein by reference).

(a)(51) Town Hall - Transcript, dated May 8, 2025 (included in Schedule 14A filed on May 8, 2025 and incorporated herein by reference).

(a)(52) Town Hall - Summary, dated May 9, 2025 (included in Schedule 14A filed on May 9, 2025 and incorporated herein by reference).

(a)(53) Video by Tim Wentworth, CEO - Transcript (included in Schedule 14A filed on June  6, 2025 and incorporated herein by reference)

(a)(54) Google Search Advertising (included in Schedule 14A filed on June  6, 2025 and incorporated herein by reference)

(a)(55) WBA Investor Relations Landing Page (included in Schedule 14A filed on June 6, 2025 and incorporated herein by reference)

(a)(56) WBA Proxy Mailing Insert (included in Schedule 14A filed on June  6, 2025 and incorporated herein by reference)

(a)(57) Email to Select Shareholders (included in Schedule 14A filed on June 11, 2025 and incorporated herein by reference)

 

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(a)(58) WBA Proxy Statement Team Member Q&A (included in Schedule 14A filed on June 12, 2025 and incorporated herein by reference)

(a)(59) Tim Wentworth, CEO 6/13/25 Update to Team Members on Walgreens W Connect (included in Schedule 14A filed on June  13, 2025 and incorporated herein by reference)

(a)(60) WBA Reminder to Vote Letter (included in Schedule 14A filed on June  17, 2025 and incorporated herein by reference)

(a)(61) Google Display Advertising (included in Schedule 14A filed on June  17, 2025 and incorporated herein by reference)

(a)(62) Tim Wentworth, CEO Earnings Briefing Video – Transcript (included in Schedule 14A filed on June 26, 2025 and incorporated herein by reference)

(a)(63) Tim Wentworth, CEO Earnings Briefing Post on Walgreens W Connect (included in Schedule 14A filed on June  26, 2025 and incorporated herein by reference)

(a)(64) Supplemental Disclosures to the Definitive Proxy Statement (included in Schedule 14A filed on July 3, 2025 and incorporated herein by reference)

(b)(1)+ AG˹ٷ Estate Financing Commitment Letter, dated March 6, 2025, by and among inter alios, Blazing Star Merger Sub, Inc., UBS AG, Stamford Branch, Wells Fargo Bank, National Association.

(b)(2)+ Preferred Equity Commitment Letter, dated March  6, 2025, by and between Blazing Star Merger Sub, Inc. and GoldenTree Asset Management LP.

(b)(3)+ Bridge Commitment Letter, dated March  6, 2025, by and among Blazing Star Merger Sub, Inc. and UBS AG, Stamford Branch.

(b)(4)+ Shields Commitment Letter, dated March 6, 2025, by and among inter alios, Blazing Star Merger Sub, Inc., HPS Investment Partners, LLC, Goldman Sachs Asset Management, L.P. and JPMorgan Chase Bank, N.A.

(b)(5)+ Amended and Restated International Commitment Letter, dated March 27, 2025, by and among inter alios, Blazing Star Merger Sub, Inc., JP Morgan Chase Bank, N.A., JPMorgan Chase Bank, N.A. London Branch, J.P. Morgan Securities plc, Goldman Sachs Bank USA, UBS AG London Branch, Citibank, N.A. London Branch, Citicorp North America, Inc., Deutsche Bank AG New York Branch, Deutsche Bank AG Cayman Islands Branch, Deutsche Bank Securities Inc., Wells Fargo Bank, National Association, Wells Fargo Bank, National Association, London Branch, Wells Fargo Securities, LLC, Mizuho Bank, Ltd., PNC Bank, National Association, PNC Financial Services UK Ltd, PNC Capital Markets LLC, Royal Bank of Canada, The Bank of Nova Scotia, The Bank of Nova Scotia, London Branch, CIBC World Markets Corp., Canadian Imperial Bank of Commerce, Citizens Bank, N.A., The Toronto-Dominion Bank, New York Branch, TD Bank, N.A., TD Securities USA (LLC), BNP Paribas, BNP Paribas Securities Corp., Fifth Third Bank, National Association, Truist Bank and U.S. Bank National Association.

(b)(6)+ Factoring Commitment Letter, dated March 6, 2025, by and between Blazing Star Merger Sub, Inc and Wells Fargo Bank, National Association.

(b)(7)+ Amended and Restated USR ABL Commitment Letter, dated March 27, 2025, by and among inter alios, Blazing Star Merger Sub, Inc., Wells Fargo Bank, National Association, Citigroup Global Markets Inc., Deutsche Bank AG New York Branch, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A., UBS AG, Stamford Branch, UBS Securities LLC, Mizuho Bank, Ltd., PNC Bank, National Association, PNC Capital Markets LLC, Royal Bank of Canada, CIBC World Markets Corp., Canadian Imperial Bank of Commerce, Citizens Bank, N.A., Fifth Third Bank, National Association, Fifth Third Securities, Inc., The Bank of Nova Scotia, TD Bank, N.A., Truist Bank, Truist Securities, Inc., U.S. Bank National Association, BNP Paribas, BNP Paribas Securities Corp., Regions Bank, and Regions Capital Markets, A Division of Regions Bank.

 

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(c)(1)*# Discussion Materials, dated October  8, 2024, prepared by Centerview for the Board of Directors.

(c)(2)*# Discussion Materials, dated October  24, 2024, prepared by Centerview for the Board of Directors.

(c)(3)*# Discussion Materials, dated December  4, 2024, prepared by Centerview for the Board of Directors.

(c)(4)*# Discussion Materials, dated December  11, 2024, prepared by Centerview for the Transaction Committee of the Board of Directors.

(c)(5)*# Discussion Materials, dated December  18, 2024, prepared by Centerview for the Transaction Committee of the Board of Directors.

(c)(6)*# Discussion Materials, dated December  23, 2024, prepared by Centerview for the Transaction Committee of the Board of Directors.

(c)(7)*# Discussion Materials, dated February 4, 2025, prepared by Centerview for the Transaction Committee of the Board of Directors and the Board of Directors.

(c)(8)*# Discussion Materials, dated February 9, 2025, prepared by Centerview for the Board of Directors.

(c)(9)*# Discussion Materials, dated February  11, 2025, prepared by Centerview for the Transaction Committee of the Board of Directors.

(c)(10)*# Discussion Materials, dated February  13, 2025, prepared by Centerview for the Board of Directors.

(c)(11)*# Discussion Materials, dated February  26, 2025, prepared by Centerview for the Transaction Committee of the Board of Directors.

(c)(12)*# Discussion Materials, dated February  28, 2025, prepared by Centerview for the Board of Directors.

(c)(13)*# Discussion Materials, dated February  28, 2025, prepared by Morgan Stanley for the Board of Directors.

(c)(14)*# Discussion Materials, dated March  6, 2025, prepared by Centerview for the Board of Directors.

(c)(15)*# Discussion Materials, dated March  6, 2025, prepared by Morgan Stanley for the Board of Directors.

(c)(16) Opinion of Centerview Partners LLC, dated March  6, 2025 (incorporated herein by reference to Annex B of the Proxy Statement).

(c)(17) Opinion of Morgan Stanley & Co. LLC, dated March 6, 2025 (incorporated herein by reference to Annex C of the Proxy Statement).

(d)(1) Agreement and Plan of Merger, dated as of March 6, 2025, by and among Walgreens Boots Alliance, Inc., Blazing Star Merger Sub, Inc. and Blazing Star Parent, LLC (incorporated herein by reference to Annex A of the Proxy Statement).

(d)(2) Voting Agreement, dated March 6, 2025, by and among Walgreens Boots Alliance, Inc., Blazing Star Parent, LLC, Stefano Pessina and Alliance Santé Participations S.A. (incorporated herein by reference to Annex D of the Proxy Statement).

 

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(d)(3) Reinvestment Agreement, dated March 6, 2025, by and among Blazing Star Parent, LLC, Stefano Pessina and Alliance Santé Participations S.A. (incorporated herein by reference to Annex E of the Proxy Statement).

(d)(4) Form of Divested Asset Proceed Rights Agreement (incorporated herein by reference to Exhibit A to Annex A of the Proxy Statement).

(d)(5)+ Equity Commitment Letter, dated March 6, 2025, by and among Sycamore Partners III, L.P., Sycamore Partners III-A, L.P., Sycamore Partners Wing Co-Invest, L.P., Blazing Star Parent, LLC, Blazing Star Shields Direct Parent, LLC, and Blazing Star IA Parent, LLC.

(d)(6)+ Limited Guaranty, dated as of March 6, 2025, by and among Sycamore Partners III, L.P., Sycamore Partners III-A, L.P. and Walgreens Boots Alliance, Inc.

(d)(7) Interim Investors Agreement, dated March 6, 2025, by and among Sycamore Partners III, L.P., Sycamore Partners III-A, L.P., Sycamore Partners Wing Co-Invest, L.P., Blazing Star Parent, LLC, Blazing Star Merger Sub, Inc., Stefano Pessina and Alliance Santé Participations S.A. (incorporated herein by reference to Exhibit 99.(r) of the Schedule 13D/A, filed on March 7, 2025 by Alliance Santé Participations S.A., Stefano Pessina and NewCIP II S.a r.l.).

(d)(8) Joinder Agreement to the Voting Agreement, dated April 27, 2025, by and among Walgreens Boots Alliance, Inc., Stefano Pessina, Alliance Santé Participations S.A., Alliance Sante Participations Ltd. and Blazing Star Parent, LLC (incorporated herein by reference to Exhibit 99.(x) of the Schedule 13D/A, filed on April 29, 2025 by Alliance Sante Participations S.A., NewCIP II S.a r.l., Alliance Sante Participations Ltd. and Stefano Pessina).

(d)(9) Joinder Agreement to the Reinvestment Agreement, dated April 27, 2025, by and among Stefano Pessina, Alliance Santé Participations S.A., Alliance Sante Participations Ltd. and Blazing Star Parent, LLC (incorporated herein by reference to Exhibit 99.(y) of the Schedule 13D/A, filed on April 29, 2025 by Alliance Sante Participations S.A., NewCIP II S.a r.l., Alliance Sante Participations Ltd. and Stefano Pessina).

(d)(10) Joinder Agreement to the Interim Investors Agreement, dated April 27, 2025, by and among Sycamore Partners III, L.P., Sycamore Partners III-A, L.P., Sycamore Partners Wing Co-Invest, L.P., Blazing Star Parent, LLC, Blazing Star Merger Sub, Inc., Stefano Pessina, Alliance Santé Participations S.A. and Alliance Sante Participations Ltd. (incorporated herein by reference to Exhibit 99.(w) of the Schedule 13D/A, filed on April 29, 2025 by Alliance Sante Participations S.A., NewCIP II S.a r.l., Alliance Sante Participations Ltd. and Stefano Pessina).

(f)+ Section  262 of the General Corporation Law of the state of Delaware.

107+ Filing Fee Table.

 

*

Certain portions of this exhibit have been redacted and separately filed with the SEC pursuant to a request for confidential treatment.

+

Previously filed with the Transaction Statement on Schedule 13E-3 filed with the SEC on April 14, 2025.

#

Previously filed with the Transaction Statement on Schedule 13E-3 filed with the SEC on June 5, 2025.

 

9


SIGNATURES

After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: July 11, 2025

 

WALGREENS BOOTS ALLIANCE, INC.
By:   /s/ Tim Wentworth
    Name: Tim Wentworth
    Title:  Chief Executive Officer
BLAZING STAR PARENT, LLC
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:   President
BLAZING STAR MERGER SUB, INC.
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  President
SYCAMORE PARTNERS III, L.P.
By: Sycamore Partners III GP, L.P., its general
partner
By: Sycamore Partners III GP, Ltd., its general
partner
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  Director
SYCAMORE PARTNERS III-A, L.P.
By: Sycamore Partners III GP, L.P., its general
partner
By: Sycamore Partners III GP, Ltd., its general partner
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  Director

 

10


SYCAMORE PARTNERS WING CO-INVEST,
L.P.
By: Sycamore Partners III GP, L.P., its general
partner
By: Sycamore Partners III GP, Ltd., its general
partner
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  Director
SYCAMORE PARTNERS III GP, L.P.
By: Sycamore Partners III GP, Ltd., its general
partner
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  Director
SYCAMORE PARTNERS III GP, LTD.
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  Director
BLAZING STAR CCX SUPERCO, INC.
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title: President
BLAZING STAR IA PARENT, LLC
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  President
BLAZING STAR SHIELDS SUPERCO II, LLC
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  President
BLAZING STAR INVESTORS, LLC
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  President

 

11


BLAZING STAR BOOTS SUPERCO (JERSEY)
LIMITED
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  President
BLAZING STAR RETAIL BLOCKER BUYER,
LLC
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  President
BLAZING STAR OFFICE BLOCKER BUYER,
LLC
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  President
BLAZING STAR DC BLOCKER BUYER, LLC
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  President
BLAZING STAR EXCLUDED PROPERTY
BLOCKER BUYER, LLC
By:   /s/ Stefan L. Kaluzny
    Name: Stefan L. Kaluzny
    Title:  President
ALLIANCE SANTE PARTICIPATIONS LTD.
By:   /s/ Stefano Pessina
    Name: Stefano Pessina
    Title:  Director
By:   /s/ Ben Burman
    Name: Ben Burman
    Title:  Director
STEFANO PESSINA
By:   /s/ Stefano Pessina
    Name: Stefano Pessina

 

12

FAQ

What did Walgreens Boots Alliance (WBA) shareholders approve on 11 July 2025?

They approved the Merger Agreement with Blazing Star Parent, clearing the path for WBA to go private.

How much will WBA investors receive per share?

Each share converts into $11.45 in cash plus one Divested Asset Proceed Right (DAP Right).

What happens to WBA stock after the merger closes?

WBA common stock will be delisted and cease trading; holders will only have the cash and DAP Right consideration.

Who are the key sponsors behind the transaction?

Private-equity firm Sycamore Partners via its Blazing Star entities, alongside investor Stefano Pessina.

Were unaffiliated shareholders required to approve the deal?

Yes. A majority of unaffiliated shares voted in favor, satisfying the unaffiliated vote condition.

What is the purpose of the DAP Right?

It entitles holders to a pro-rata share of proceeds from specified asset divestitures post-closing.
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Retail-drug Stores and Proprietary Stores
United States
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