Wesfarmers Ltd (ASX: WES) stock price is monitored today after the company increased its tender offer to $ 1.55 per share for Australian Pharmaceutical Industries Ltd (ASX: API).
The API The board of directors will unanimously recommend the revised offer, unless superior offers land on the table and an independent expert evaluation is made.
Wesfarmers has made an offer of $ 1.55 per share for API and the deal for $ 770 million -Dollars.
The revised offer is a 37% markup on the last trade price prior to the publication of the first offer.
The API board previously had Wesfarmers’s first cash offer of $ 1.38 per share rejected in July. The board stated that the proposal did not reflect the underlying value and growth prospects of the company.
This time the board should recommend the offer and allow the Wesfarmers to comb through the books.
In addition, the Major shareholder Washington H. Soul Pattinson and Co. Ltd (ASX: SOL), which owns 19.3% of API, will vote for the offer.
The company will be able to leverage its extensive supply chains, product line and online Leverage skills to enhance API’s value proposition.
“Wesfarmers supports the community pharmacy model, including pharmacy ownership and location rules … API would also form the basis for a new Wesfarmers healthcare division and platform to invest and develop capacity in the growing health, wellness and beauty sectors. «
If the deal goes through, API shareholders will receive $ 1.55 per share less any distributions made.
Wesfarmers shareholders will not have to take any action as API will be incorporated into the broader Wesfarmers group.
To stay up to date with the latest news on Wesfarmers and the ASX, bookmark the Rask Media home page.
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Wesfarmers Ltd (ASX: WES) stock price is monitored today after the company announced its tender offer of $ 1.55 per share for Australian Pharmaceutical Industries Ltd (ASX: API).
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