sigma

Sydney - Monday - December 11: (RWE Aust Business News) -
Australian Pharmaceutical Industries (ASX:API) has pulled out of
discussions with Sigma (ASX:SIP) on the takeover proposal, revised at
$2.20 per API share.
Chairman Peter Robinson said API was unlikely to agree to terms
of the current proposal at a price the company had previously rejected
and it would focus on its plans to restructure and reinvigorate the
business.
"The API board has not taken the decision lightly, but after
taking external advice we unamimously believe the revised all cash price
of $2.20 undervalues the company," he said.
He said other discussions were being held with interested parties
but there is nothing for the board to consider at this stage.
API shares last traded at $2.33.
ENDS