News: API Australian Pharmaceutical Industries Receives Non-Binding Indicative Proposal From...

Dec 2 (Reuters) - Australian Pharmaceutical Industries Ltd (API) :

• RECEIVED A NON-BINDING INDICATIVE PROPOSAL FROM WOOLWORTHS LIMITED
• WOOLWORTHS STATED IT IS ALSO WILLING TO EXPLORE ALTERNATIVE CONTROL TRANSACTION STRUCTURES
• PROPOSAL FOR CASH PRICE OF A$1.75 PER API SHARE
• BOARD HAS DETERMINED TO ALLOW WOOLWORTHS TO UNDERTAKE CONFIRMATORY DUE DILIGENCE TO FACILITATE A BINDING OFFER
• AT THIS STAGE, API SHAREHOLDERS DO NOT NEED TO TAKE ANY ACTION IN RELATION TO THE INDICATIVE PROPOSAL
• WOOLWORTHS PROPOSAL IS, OR IS REASONABLY LIKELY TO BE, A SUPERIOR PROPOSAL AS DEFINED IN WESFARMERS SID