Wesfarmers Move To Block Priceline Deal
Wesfarmers has made it clear it will block Woolworths A$870 bid for Priceline’s owner API, as the war for control of the pharma group continues.
The conglomerate, who owns Bunnings, Kmart, Officeworks, and 19.3 per cent of API, will not accept any takeover bid from the Woolworths Group.
“Wesfarmers would vote its existing shareholding and any other API shares that it may acquire against any scheme of arrangement pursuant to which Woolworths would acquire API,” the company says.
Wesfarmers insists its own proposal to takeover API is the best move for API shareholders, despite the Woolies offer being higher.
Woolworths offered a $1.75 per share bid, compared to Wesfarmers’ $1.55 per share offer, made in July.
“We have met with and listened to representatives from across the sector and we’re confident our proposal supports community pharmacists and their businesses, for the long-term,” Wesfarmers managing director Rob Scott said.
“Pharmacists face various competitive pressures and Wesfarmers is uniquely placed to support the growth of community pharmacies including Priceline franchisees.”























































































