API offer to take over Sigma Healthcare
Australia’s Sigma Healthcare (SIG: ASX) saw its shares rocket 43% to A$0.58 today after drug distributor Australian Pharmaceutical Industries (API: ASX)) notched up a 13% stake in its rival and unveiled a $726 million indicative takeover bid. API’s shares closed up 8.50% at A$1.59.
API said it had tabled a non-binding indicative proposal to Sigma's board in October, which offers Sigma investors 0.31 API shares and 23A$¢ cash for each Sigma share they own. The proposal is subject to due diligence and approval by the Australian Competition and Consumer Commission (ACCC).
According to API, the rationale for merging the companies is more compelling than ever due to:
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