Ann: Woolworths Group proposal to acquire API, page-5

not just placed a bid... Wesfarmers have already bought 19.3% and from a November 8 release from API -

Australian Pharmaceutical Industries (ASX:API)(“API”) today announced that it has
entered into a Scheme Implementation Deed (“SID”)1 with Wesfarmers Limited
(ASX:WES) (“Wesfarmers”) under which it is proposed that a wholly owned subsidiary of
Wesfarmers will acquire 100% of the shares in API that Wesfarmers does not already
own, by way of a scheme of arrangement (“Scheme”), for cash consideration of $1.55
per API share. The SID provides for the payment of fully franked dividends of up to a
maximum of 5 cents per API share, including any final dividend for the financial year
ended 31 August 2021. The cash consideration of $1.55 will be reduced by the cash
component of any such dividend.