Woolworths withdraws A$850m bid for Australian Pharmaceutical Industries

Australian Pharmaceutical Industries (API) said that retailing company Woolworths Group has taken back its non-binding indicative proposal, announced last month, to acquire 100% of the company for AUD 850 million ($610.5 million).

The Australian health and beauty company said that the scheme implementation deed (SID) with Wesfarmers Limited remains intact and is on track to be closed in Q1 2022.

Woolworths withdraws A$850m bid for Australian Pharmaceutical Industries. Photo courtesy of Bidgee/Wikipedia.org.

As per the terms of the SID, a fully-owned subsidiary of Wesfarmers will buy 100% of the shares in Australian Pharmaceutical Industries that the Australian conglomerate does not already own, for AUD 1.55 per share. The deal translates to a consideration of AUD 763.6 million ($546.9 million).