Scheme of arrangement likely to be implemented by the end of the month.
Australian Pharmaceutical Industries (API) Limited has just released the results of today’s special meeting to vote on the proposed takeover of the business by Wesfarmers Limited, confirming that the deal was approved by the required majorities.
In terms of share numbers, almost 97% of votes were cast in favour of the resolution, while 86.3% of shareholders present and voting, either in person or by proxy, also voted the deal through.
The Scheme of Arrangement, which will see API become a wholly owned subsidiary of the hardware and retailing giant, remains subject to approval by the Federal Court of Australia, with a hearing scheduled for next Monday morning in Melbourne. If approved, an indicative timetable shows an anticipated implementation date of Tuesday 31 March 2022.
More details in tomorrow’s issue of Pharmacy Daily.
