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Wesfarmers Wants Financials Before Making Higher Priceline Bid

Wesfarmers is apparently after price-sensitive information from Priceline owner Australian Pharmaceutical Industries before it lifts its bid to buy out the company.

Last month, API rejected a $687m buyout proposal, saying it “undervalues the company.”

Wesfarmers are adamant that it will need to be privy to certain financials in order to make a higher offer.

API downgraded its profit forecasts on the day Wesfarmers made its bid, claiming that $1m of earnings would be lost for every week the Sydney lockdown continues past the end of July. In this climate, API called Wesfarmers’ low bid “opportunistic.”

Wesfarmers bid equals $1.38 a share. API’s shares closed at $1.44.

Shareholders hold out hope for a higher offer.

 

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