Wesfarmers likely to lob fresh bid after API rejects $687m offer We’re sorry, this service is currently unavailable. Please try again later. Dismiss 4.14pm Normal text size Advertisement Takeover target Australian Pharmaceutical Industries’ (API) shareholders are holding out hope that retail powerhouse Wesfarmers will return to the table with a higher offer after having its initial bid rejected by the company’s board. API, which owns the Priceline pharmacy chain along with a range of skincare clinics, knocked back Wesfarmers’ surprise $687 billion takeover bid on Thursday, telling the Perth-based conglomerate to come back with an offer that appropriately valued the business.