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AUSTRALIA'S SIGMA DISCUSSES OPTION DEALS WITH API SHAREHOLDERS.
MELBOURNE, Nov 1 Asia Pulse - Drugs maker and distributor Sigma Pharmaceuticals Ltd (ASX:SIP) says it is discussing possible option agreements with two of the major shareholders of rival Australian Pharmaceutical Industries Ltd (ASX:API) (API) about acquiring a 19.9 per cent stake in API at $A2.50 ($US1.93) per share.
On October 6, Sigma proposed a takeover offer of $2.20 per share for drugs manufacturer and pharmacy retailer API, which API rejected as inadequate and opportunistic.
Last night, API said Sigma had lifted its proposed offer to .50, which values API at around $643.4 million.
Sigma said today that the terms of any transaction were yet to be finalised and it would only proceed with a formal offer of $2.50 per share if it receives the unanimous recommendation from the API board.
The offer was also conditional upon completion of satisfactory due diligence; the entry of options arrangements with API's major shareholders, Washington H Soul Pattinson (ASX:SOL) and ...
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