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Australian Pharmaceutical Industries Provides Market Update on API-Sigma Merger Proposal

13 Mar 2019  |  12:46:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Market update on API-Sigma merger proposal

Australian Pharmaceutical Industries updated that Sigma Healthcare has rejected the non-binding indicative offer (NBIO) put forward by the Company to merge the companies. Based on Sigma's announcement, the Company's NBIO to pursue a merger of them and Sigma is unable to be taken forward. As reported, the Company's proposal represents a highly attractive premium of 41.8%1 relative to the undisturbed volume weighted average price of Sigma shares in the one month prior to the 14 December 2018 announcement of the NBIO proposal. Also, the Company noted that the Sigma Board has elected to terminate discussions in relation to a highly synergistic merger proposal and instead prioritise the uncertain restructure of its standalone business.

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