API rejects Wesfarmers takeover tilt

API rejects Wesfarmers takeover tilt
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Wesfarmers boss Rob Scott is sticking to his guns that the $1.38 all-cash offer remains compelling for Australian Pharmaceutical Industries, the owner of the Priceline retail chain, despite the drug wholesaler board’s rejection.
The $705 million company said the indicative bid did not take into account API’s valuable Sister Club loyalty program and had come as it was dealing with the fallout of COVID-19 and the rolling lockdowns that have hurt earnings.
“We continue to believe the Wesfarmers offer is compelling for API shareholders,” Mr Scott told
The Australian Financial Review on Thursday.
API made it clear the Perth-based conglomerate would have to lift its offer if its wants a closer look at its books. The board, led by chairman Ken Gunderson-Briggs, had weighed the indicative proposal, and decided it undervalued API, was not compelling and not in the best interests of shareholders.

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