Woolworths Group Ltd (ASX:WOW) has announced that it has submitted a non-binding transaction proposal to Australian Pharmaceutical Industries Ltd (API) to acquire 100% of its shares at a cash offer price of $1.75 per API share (total equity value of $872 million) by way of scheme arrangement. The offer represents a premium of 20 cents/share or 12.9% over the price agreed between API and Wesfarmers under the scheme implementation deed announced on November 8, 2021.
Following the announcement, shares of Woolworths Ltd rose 0.38% to $39.99/share.
Following the announcement, shares of Australian Pharmaceutical Industries Ltd rose 16.5% to $1.74/share.