SYDNEY: Australian Pharmaceutical Industries announced on Monday that it has received an unsolicited, non-binding takeover proposal from retail conglomerate Wesfarmers, which values ââthe operator of the drugstore chain at A $ 679.9 million (AU $ 508.9 million Australian dollars).
As part of the offer, shareholders of the pharmaceutical company would each get AU $ 1.38, a 20.5% premium over API’s last close of AU $ 1.145 on Friday.
The deal would give Wesfarmers access to API’s network of retail stores, skin care clinics and a pharmaceutical and healthcare distribution network, marking Wesfarmers’ entry into the industry. health of the country.
“If the proposal is successful, the API would form the basis of a new healthcare division of Wesfarmers and a base from which to invest and develop capacity in the health and wellness sector,” said Wesfarmers in a separate exchange folder.
API’s main shareholder, Washington H Soul Pattinson Co, which owns 19.3% of the pharmaceutical company, has indicated its support for the proposal and has agreed to vote in favor, the retail conglomerate added.
Earlier, API said in a separate filing that it would stop manufacturing personal care and over-the-counter products in New Zealand in an effort to streamline its business, and reported declining profits for the company. full year ending August 31.
($ 1 = AU $ 1.3360)