Alliance Boots is reportedly holding out for a higher takeover bid after seeing its shares soar following a £9.7 billion (€14.3m-$19.1m) friendly bid from its deputy chairman, Stefano Pessina, and a large private equity firm, Kohlberg Kravis Roberts (KKR). The board of Alliance Boots thinks that the offer ?did not reflect the fundamental value of the company or the attractive prospects, opportunities and synergies available to Alliance Boots.? Analysts believe that the bidders will raise the price that they are prepared to pay, considering the performance of the company's shares since the initial offer was made. Alliance Boots was formed through the £7.8 billion (€11.5m-$15.3m) merger between Boots and Alliance UniChem in July 2006. It counts around 2,600 health care outlets in the UK including some 200 Boots Opticians practices.