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Wesfarmers moves closer to API ownership.
Retail conglomerate, Wesfarmers, is expecting to complete its acquisition of pharmacy wholesaler, Australian Pharmaceutical Industries (API) within the first quarter of the 2022 calendar year.Â
In a statement to the Australian Securities Exchange (ASX), API confirmed the company had entered into a Scheme Implementation Deed (SID) this morning.Â
The move follows Sigma Healthcareâs decision to withdraw its merger proposal last week (PD 05 November), and the competition of Wesfarmer's due diligence process.
Under the SID, Wesfarmers will acquire 100% of the shares in API it does not already own for cash consideration of $1.55 per share.Â
See todayâs edition of Pharmacy Daily for more.Â
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