Australian Pharmaceutical Industries push to merge with Sigma

Company News

by Rachael Jones

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$1.295 -$0.005 -0.35%
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Last Updated: 6/12/2019 3:59 PM

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.