This is stock market capitalism at its most raw.
Overnight, Kohlberg Kravis Roberts, the giant US private equity firm, in partnership with Boots's deputy chairman, Stefano Pessina, spent more than a billion pounds buying almost 10 per cent of Alliance Boots’s shares.
It means they now own 25 per cent of the famous healthcare retailer and wholesaler.
What they've done has two implications.
They will now have to raise their offer to all Alliance Boots shareholders to what they paid last night, which was £11.39.
That means their takeover offer will value Alliance Boots at £11.1bn, or almost 14 per cent more than they were originally prepared to pay for the company.
It's history: Boots, one of the UK's oldest retailers, is set to be owned by the American founder of the modern private-equity industry, KKR.
We thought it was all over. It is now.
Terra Firma has abandoned its attempt to buy Alliance Boots, which means that beyond any doubt KKR is the new owner.