LONDON (AP) — Alliance Boots PLC, Britain’s largest chain of pharmacies, rejected a $9.7 billion ($18.7 billion) takeover proposal yesterday.Alliance Boots said the 1,000 pence ($19.32) per share offer from Kohlberg Kravis Roberts & Co. and its largest shareholder, Italian billionaire Stefano Pessina, undervalued the business.

The company’s board held an emergency meeting yesterday to discuss the friendly approach, which was lodged on Friday.

It is believed that Pessina, who has a 15 percent stake in the company and is executive vice chairman, did not attend the gathering.

Alliance Boots said the board did not believe the approach “reflects the fundamental value of the company or the attractive prospects, opportunities and synergies available to Alliance Boots following the very recent completion of its merger”.