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.
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