Woolworths moves to takeover API.

Supermarket giant, Woolworths, has made a non-binding indicative proposal to acquire 100% of the shares in pharmaceutical wholesaler, Australian Pharmaceutical Industries (API).

The offer comes little more than three weeks after retail rival, Wesfarmers, entered a Scheme Implementation Deed to purchase API (PD 08 November).

The indicative price under the Woolworths proposal is $1.75 per share less the cash amount of any fully franked dividend up to a maximum of 5 cents per API share, compared to the $1.55 per share offer from Wesfarmers.

In a statement to the Australian Securities Exchange (ASX) the API Board noted that the Woolworths bid âis reasonably capable of being valued, implemented and completed in accordance with its terms, and, if completed substantially in accordance with its terms, be more favourable to API shareholders as a whole than the Wesfarmers Schemeâ.

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