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AAP
AAP
Business
Steven Deare

API rejects Wesfarmers takeover offer

Australian Pharmaceutical Industries says Wesfarmers' offer for all shares undervalues the business. (AAP)

Priceline Pharmacy owner Australian Pharmaceutical Industries (API) has rejected a takeover offer from Wesfarmers.

API on Thursday said the $687 million offer for all shares, made earlier this month, undervalued the company.

The API board said it assessed medium and long-term growth prospects and decided the bid was opportunistic given the impact of COVID-19 on financial performance.

As well as Priceline, the business also owns the Soul Pattinson and Pharmacist Advice chemists, and Clear Skincare clinics.

Wesfarmers, which owns Bunnings and Officeworks, offered $1.38 per share.

Washington H Soul Pattinson, which owns 19.3 per cent of Australian Pharmaceutical Industries shares, was in favour of the offer.

API shares were higher by 1.06 per cent to $1.42 at 1119 AEST.

Wesfarmers shares were down by 0.54 per cent to $61.22.

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