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API Board Backs $764M Wesfarmers Takeover

Australian Pharmaceutical Industries has entered into a Scheme Implementation Deed with Wesfarmers, agreeing to a $764M takeover after Sigma Healthcare withdrew from the race on Friday.

Wesfarmers will pay $1.55 a share, which represents a 35.4 per cent premium to API’s closing price of $1.145 on July 9.

“The API board unanimously recommends that API shareholders vote in favour of the Scheme, and each director intends to vote all of the API shares held or controlled by them in favour of the Scheme, in the absence of a Superior Proposal and subject to an Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of API shareholders,” API told shareholders.

API shares closed at $1.48. Wesfarmers sits apat $60.33.

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