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.
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).