(Adds detail on deal, background, quote)
Nov 8 (Reuters) - Australian Pharmaceutical Industries (API) on Monday said it had signed an agreement with Wesfarmers Ltd (WES) for the retail conglomerate to buy all of its shares in a deal valuing the pharmacy chain at A$763.6 million ($564.9 million).
API board in a statement https://bit.ly/31EHwia unanimously recommended that shareholders vote in favour of the scheme implementation deed under which Wesfarmers will offer A$1.55 per share in cash to API shareholders. API shares closed at A$1.485 on Friday.
Last week, Sigma Healthcare dropped its A$773 million takeover bid for API after Wesfarmers in early October bought a 19.3% blocking stake.
The deal, which would give Wesfarmers access to API's network of retail stores, skincare clinics, and a distribution network of pharmaceutical and healthcare products, would mark the its first foray into the pharmacy sector.
"Wesfarmers continues to see opportunities to invest in and strengthen the competitive position of API and its community pharmacy partners," Wesfarmers Managing Director Rob Scott said in a separate statement https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02448633-6A1061436?access_token=83ff96335c2d45a094df02a206a39ff4.
API shareholders are expected to meet and vote on the scheme early next year. It expects the deal to be completed in first quarter of 2022. ($1 = 1.3517 Australian dollars)
News: SIG UPDATE 1-Australia's API inks $565 mln buyout deal with Wesfarmers, recommends offer
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