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    API   AU000000API4

AUSTRALIAN PHARMACEUTICAL INDUSTRIES LIMITED

(API)
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Australia's API inks $565 mln buyout deal with Wesfarmers, recommends offer

11/07/2021 | 06:16pm EST

Nov 8 (Reuters) - Australian Pharmaceutical Industries on Monday said it had signed an agreement with Wesfarmers Ltd for the retail conglomerate to buy all of its shares in a deal valuing the pharmacy chain at A$763.6 million ($564.9 million).

API board in a statement https://bit.ly/31EHwia unanimously recommended that shareholders vote in favour of the scheme implementation deed under which Wesfarmers will offer A$1.55 per share in cash to API shareholders. API shares closed at A$1.485 on Friday.

Last week, Sigma Healthcare dropped its A$773 million takeover bid for API after Wesfarmers in early October bought a 19.3% blocking stake.

The deal, which would give Wesfarmers access to API's network of retail stores, skincare clinics, and a distribution network of pharmaceutical and healthcare products, would mark the its first foray into the pharmacy sector.

"Wesfarmers continues to see opportunities to invest in and strengthen the competitive position of API and its community pharmacy partners," Wesfarmers Managing Director Rob Scott said in a separate statement https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02448633-6A1061436?access_token=83ff96335c2d45a094df02a206a39ff4.

API shareholders are expected to meet and vote on the scheme early next year. It expects the deal to be completed in first quarter of 2022. ($1 = 1.3517 Australian dollars) (Reporting by Yamini C S in Bengaluru; editing by Diane Craft and Lincoln Feast.)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN PHARMACEUTICAL INDUSTRIES LIMITED -0.66% 1.51 Delayed Quote.-12.14%
SIGMA HEALTHCARE LIMITED -2.04% 0.48 Delayed Quote.2.08%
WESFARMERS LIMITED -2.27% 53.07 Delayed Quote.-8.43%
All news about AUSTRALIAN PHARMACEUTICAL INDUSTRIES LIMITED
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2021AUSTRALIAN PHARMACEUTICAL INDUSTRIES : Change in substantial holding from MUFG
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More news
Financials
Sales 2022 4 137 M 2 974 M 2 974 M
Net income 2022 45,5 M 32,7 M 32,7 M
Net Debt 2022 98,9 M 71,1 M 71,1 M
P/E ratio 2022 16,2x
Yield 2022 3,91%
Capitalization 749 M 544 M 538 M
EV / Sales 2022 0,20x
EV / Sales 2023 0,19x
Nbr of Employees -
Free-Float -
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Mean consensus HOLD
Number of Analysts 4
Last Close Price 1,52 AUD
Average target price 1,59 AUD
Spread / Average Target 4,61%
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Managers and Directors
Richard Craig Vincent Chief Executive Officer, MD & Executive Director
Peter Mendo Chief Financial Officer
Kenneth William Gunderson-Briggs Independent Non-Executive Officer
Dean D. Matthews Chief Information Officer
Lee Ausburn Independent Non-Executive Director