Wesfarmers’ (ASX: WES) $764 million takeover of Australian Pharmaceutical Industries (ASX: API) has been supported almost unanimously by the target’s shareholders, bringing the major deal one step closer to completion.
The scheme still remains subject to the approval of the Federal Court, but if that is granted Wesfarmers will likely take control of the Priceline owner on Tuesday 22 March.
API announced yesterday afternoon the scheme was passed by the requisite majority of shareholders, with 96.87 per cent of votes cast in favour of the resolution from 86.32 per cent of API shareholders present and voting.
Wesfarmers managing director Rob Scott thanked the board of API and the company’s shareholders for their strong support of the takeover.
“API provides an attractive opportunity for Wesfarmers to enter the growing health, wellbeing and beauty sector, and we are looking forward to working closely with API’s pharmacy partners, suppliers and other industry stakeholders,” Scott said.
“Today’s approval of the scheme by API shareholders is an important milestone and completion of the transaction is expected to take place later this month, subject to final court approval.”
Shares in WES closed up 0.32 per cent yesterday to $50.64 per share.
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