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Livewire Exclusive: Why Wesfarmers should lift its offer for API

A long-awaited development in the battle for control of Australian Pharmaceutical Industries Limited (ASX: API) occurred recently; the release of the scheme booklet. Within, an Independent Expert’s Report by Grant Thornton (GT) put the value of API between $1.48 and $1.78 per share. As Wesfarmer’s offer of $1.55 per share was within this range, albeit far closer to the low end than the top, the deal was rubber-stamped as “Fair and Reasonable”.

We’re less convinced.

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