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Australian Pharmaceutical Industries Announces Board Rejects Indicative Proposal from Wesfarmers

29 Jul 2021  |  09:11:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: API Board rejects indicative proposal from Wesfarmers

Australian Pharmaceutical Industries announced that it had received an unsolicited, non-binding, conditional indicative proposal (the Indicative Proposal) from Wesfarmers to acquire 100% of the shares in the Company by way of a scheme of arrangement for cash consideration of $1.38 per share. The Company Board (the Board) has carefully considered the Indicative Proposal, including obtaining advice from its financial and legal advisers. The Board has unanimously concluded that the Indicative Proposal undervalues the Company, is not compelling and is not in the best interests of its shareholders.

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