API Board opens doors to Wesfarmers.
Retail conglomerate, Wesfarmers Limited, is stepping up its pursuit of pharmacy wholesaler, Australian Pharmaceutical Industries (API), with a revised $1.55 per share bid.
The move comes less than two months after the API Board knocked back an initial offer which it said fell significantly short of the market rate.
However, in a statement to the Australian Securities Exchange, this morning API said “it is in the interests of API’s shareholders to progress the revised indicative proposal and allow Wesfarmers to undertake confirmatory due diligence”.
API CEO, Richard Vincent said the revised offer “better reflects the strength and potential of our stable of businesses”, which includes pharmacy brands, Priceline Pharmacy, Soul Pattinson Chemist and Pharmacist Advice.
Under the new proposal, API and Wesfarmers have entered into a Process Deed, under which Wesfarmers has been granted until 16 Oct to undertake confirmatory due diligence to facilitate a binding offer.
See today’s edition of Pharmacy Daily for more.
