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
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.)