Woolworths drops out of the race for Priceline
Supermarket giant, Woolworths, has withdrawn its $872 million bid for pharmacy wholesaler, Australian Pharmaceutical Industries (API).
The move follows the completion of a “comprehensive due diligence process”, which the retailer said had “not been able to validate the financial returns” in line with its capital allocation framework.
Responding to Woolworths’ decision to walk away from the bid, API told the Australian Securities Exchange that the Scheme of Implementation Deed, which it entered into with Wesfarmers on 08 November 2021 “remains in place and is on track for completion in the first quarter of calendar year 2022”.
See today’s edition of Pharmacy Daily for more.
