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API Board unanimously concludes Wesfarmers proposal is "not compelling".
Australian Pharmaceutical Industries has just announced the rejection of the indicative proposal from Wesfarmers Limited, which had offered $1.38 per share to acquire 100% of the company.
The API Board said it had unanimously concluded that the offer "undervalues API, is not compelling and is not in the best interests of API shareholders".
The company cited Wesfarmer's "opportunistic timing" given the impact that COVID and the related lockdown restrictions have had on API's financial performance over the last 18 months, and particularly on its retail facing businesses.
More details in today's issue of Pharmacy Daily.
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