AUSTRALIAN Pharmaceutical Industries this morning confirmed it had pulled out of the process for the potential acquisition of Laser Clinics Australia (PD 07 Aug).
API ceo Richard Vincent said while the combination of Laser Clinics and API was highly attractive, "at the likely sale price the potential acquisition would not meet required investment hurdle rates".
He said there were still many opportunities in the existing API business to further improve performance, with the company set to "continue to focus investment behind its core retail pharmacy assets for growth".
He said API would also keep assessing relevant acquisition opportunities as they arise.
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