Three cheers for Guy Hands. Not only for refusing to pay KKR's exorbitant £106 million break free, but also for injecting some proper competition into what was seen as a done deal for 15 per cent Alliance Boots shareholder and deputy chairman Stefano Pessina.

Mr Hands’ Terra Firma has caught Mr Pessina on the hop and – albeit possibly temporary – has swung the bid pendulum in its favour. The Boots boss and his shareholding appeared unassailable, allowing him to first pitch up with a £10 a share offer, grudgingly upped to £10.40 – and only pushed to £10.90 when it became aware of the seriousness of Terra Firma’s £10.85 a share tilt.

By moving so swiftly to indicate it would pay £11.26 – trimmed to £11.15 once shareholders pick up the break fee – Terra Firma has established a marker. It deserves to be allowed due diligence and talks with executive management at the very least.

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