KKR, the private equity firm that has tabled a £11bn bid for Alliance Boots, has been barred from speaking to the company’s management until the offer has been formally accepted. Daily Telegraph

KKR, which is backed by deputy executive chairman and largest shareholder Stefano Pessina, has made no secret of its desire to sign up the group’s senior management.

But Richard Baker, chief executive of Alliance Boots, said as he announced better-than-expected results for the year to 31 March: 'We are running this company for shareholders. There is a time and a place for these conversations and it is not yet. None of us have got involved in personal conversations