Two weeks ahead of the vote, major Australian Pharmaceutical Industries shareholder Investors Mutual has called the Wesfarmers bid “light on” and said it should be revised to include the special dividend or a higher final cash price given the improved outlook for the company.
API, the owner of the Priceline Pharmacy chain, has been at the centre of a takeover tussle since last July, in which Wesfarmers prevailed after securing a blocking stake and fighting off Sigma Healthcare and then later Woolworths.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
