Shares in Australian Pharmaceutical Industries slumped 12 per cent on Friday after suitor Woolworths ditched an eleventh-hour takeover approach in an attempt to usurp rival bidder Wesfarmers.
The move now clears the way for Wesfarmers to control Australian Pharmaceutical Industries, the owner of the Priceline chemist chain, albeit at a lower price than Woolworths suggested in its surprise December bid.
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Michael Roddan is a Walkley Award-winning national correspondent based in Sydney. He is a former business and economics reporter for The Australian. Connect with Michael on Twitter. Email Michael at m.roddan@afr.com
