Australian Pharmaceutical Industries (ASX:API) reconfirmed the terms of a non-binding indicative proposal made to Sigma’s Board of Directors back in October to acquire 100 per cent of the shares in Sigma, via a scheme of arrangement.
They also lodged a substantial shareholder notice with the ASX to confirm it is now holding 12.95 per cent of shares in Sigma.
API said the value of the proposal equates to 68.6 cents a Sigma share, which represents a 69 per cent premium to yesterday's closing price.
API has advised the Australian Competition and Consumer Commission (ACCC) of its intent.
Shares in Australian Pharmaceutical Industries (ASX:API) 2.04 per cent higher at $1.50.