Sigma has slammed the data room door shut on Australian Pharmaceutical Industries.
The Priceline owner has lost access to Sigma’s books after Wesfarmers exercised its options to claim a 19.3 per stake in the company, all while Sigma was conducting due diligence.
The far smaller of the two suitors, Sigma is now under pressure to increase its scrip-heavy bid to something irresistible, with Wesfarmers having already indicated it would vote against the current offer.
There’s a bit of a chicken and egg situation at human services bigwig APM, which wants to be a proper publicly traded company but isn’t capital hungry.
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