Australian Pharma Industries gets rival $561m offer from Sigma Healthcare

Australian Pharmaceutical Industries on Monday received a non-binding proposal from Sigma Healthcare valuing it at A$773.5 million ($561.4 million), rivalling an offer from retail conglomerate Wesfarmers.

API earlier in the month granted due diligence to Wesfarmers after the retail conglomerate sweetened its indicative buyout bid to value the pharmacy chain at A$763.6 million.

Under Sigma’s cash-and-stock proposal, API shareholders would receive an implied A$1.57 per share, a 7% premium to its last close and slightly above Wesfarmers’ proposed bid of A$1.55 apiece.

API said Sigma’s proposal was in the best interests of its shareholders and was “reasonably capable of being valued and completed”.

It allowed Sigma to undertake due diligence to make a binding offer.

As per the proposal, API shareholders also would own about 48.8% of the combined entity.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.