Ann: Becoming a substantial holder, page-7

Looks like there was also an article on Livewire about this:

https://www.livewiremarkets.com/wires/why-wesfarmers-should-lift-its-offer-for-api
"A long-awaited development in the battle for control of Australian Pharmaceutical Industries Limited (ASX: API) occurred recently; the release of the scheme booklet. Within, an Independent Expert’s Report by Grant Thornton (GT) put the value of API between $1.48 and $1.78 per share. As Wesfarmer’s offer of $1.55 per share was within this range, albeit far closer to the low end than the top, the deal was rubber-stamped as “Fair and Reasonable”.We’re less convinced.
Valuation is often subjective, though, and we are aware that our interpretation is not guaranteed to be the correct one. But we are evidently not alone in thinking there might be more value to be had, with API receiving non-binding offers from both Sigma and Woolworths. Both offers have since been withdrawn, but we feel it is largely a function Wesfarmers' foothold on the register more than a specific API valuation issue. The 19.3% stake held by Wesfarmers is a large deterrent to any alternative offer being tabled, let alone succeeding.
API is undoubtedly facing its own execution risks, but both Sigma and EBOS trade at higher multiples undisturbed compared to what is offered for API inclusive a premium for control."