Woolworths Proposes To Buy Australian Pharmaceutical For A$1.75/shr

Woolworths Group (WOW.AX)) said Thursday that it has proposed to buy Australian Pharmaceutical Industries Limited or API for A$1.75 per API share in cash or total equity value of A$872 million.

The proposed offer price represents a premium of 20 cents per share or 12.9% over the price agreed between API and Wesfarmers under the scheme implementation deed announced on 8 November 2021.

Woolworths noted that the Board of API has determined that the Woolworths proposal is, or is reasonably likely to be, a superior proposal, as defined in the Wesfarmers Scheme Implementation Deed. Woolworths Group will engage constructively with API to quickly finalise its due diligence enquiries.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Oilfield services company Schlumberger Ltd. reported Friday a profit for the fourth quarter that surged 61 percent from last year, reflecting 13 percent higher revenues amid growth across all segments and regions. Both adjusted earnings per share and quarterly revenues topped analysts' estimates. Twitter Inc. has launched a new feature to allow some users of its Blue subscriber service to keep non-fungible tokens or NFTs as their profile pictures. Twitter Blue is now available in the US, Canada, Australia, and New Zealand. NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. Frozen Food Development is recalling specific lots of Lidl branded 12-ounce packages of Frozen Chopped Spinach citing the potential to be contaminated with Listeria monocytogenes, the U.S. Food and Drug Administration said. The product comes in 12-ounce poly bags, and items included in the recall are marked with lot # R17742 or R17963 on the back of the poly bag with a best by date of 09/10/23.
Follow RTT