Wesfarmers offers $1.38 per share for API.

Australian Pharmaceutical Industries (API) this morning confirmed receipt of an "unsolicited, non-binding, conditional indicative proposal" from Wesfarmers Limited to acquire 100% of the shares in API by way of a scheme of arrangement.

Washington H. Soul Pattinson and Company Limited already holds 19.3% of API, and has entered into an agreement with Wesfarmers to vote in favour of the takeover, in absence of any superior proposal.

The API Board said it had commenced an assessment of the offer, having this morning already announced the outcome of a strategic review which will see it cease manufacturing personal care and OTC products in NZ, while increasing the company's focus on its Pharmacy Distribution, Priceline Pharmacy and Clear Skincare divisions.Â

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