Top Australian grocer Woolworths Group made a $613m approach for No. 1 drugstore chain Australian Pharmacutical Industries, besting an already-agreed buyout from retail giant Wesfarmers and sending the target’s shares soaring.
Read the full article on the Reuters website
NAM Implications:
- Woolworths 12.5% increased bid for API, tops Wesfarmers earlier agreed price.
- Means a contested bidding war…
- …possibly lengthy and definitely distracting.
- When sold to either party, at a higher price than originally planned, anticipate a drive to recover some incremental costs…
