News: API Australian Pharmaceutical Industries Gets Takeover Proposal From Wesfarmers

July 12 (Reuters) - Australian Pharmaceutical Industries Ltd (API) :

• UNSOLICITED, NON-BINDING, CONDITIONAL PROPOSAL FROM WESFARMERS
• INDICATIVE PRICE OF $1.38 CASH PER SHARE
• WESFARMERS INFORMED CO THAT IT ENTERED INTO AN AGREEMENT WITH WASHINGTON H. SOUL PATTINSON & CO
• BOARD UNDERTAKING ANALYSIS OF WHETHER INDICATIVE PROPOSAL IS REFLECTIVE OF LONG-TERM GROWTH PROSPECTS OF API
• DEAL INCLUDES OPTION FOR WESFARMERS TO ACQUIRE WHSP'S SHARES IF WESFARMERS INTENDS TO MATCH OR EXCEED ANY COMPETING PROPOSAL WHICH API RECEIVES