Sigma clears the way for Wesfarmers API acquisition.
Pharmaceutical wholesaler, Sigma Healthcare, will not pursue its efforts to merge with Wesfarmers takeover target, Australian Pharmaceutical Industries (API) (PD 27 September).
In a statement issued to the Australian Securities Exchange (ASX) this morning, Sigma’s Chair, Ray Gunston, said that the company believed its initial non-binding proposal “made economic, commercial and strategic sense”.
However, he added that “after further assessment, and in the context of the competitive bid process with its changing transaction and economic considerations, Sigma has made the decision not to proceed with this current proposal”.
See today’s edition of Pharmacy Daily for more.
