 "mergers & acquisitions")
Australian Pharmaceutical Industries said on Friday conglomerate Wesfarmers Ltd would buy it for A$763.6 million ($546.9 million) after Woolworths pulled out of a race to acquire the country's top drugstore chain.
The news sent API's shares tumbling 12.7% to A$1.51 in early trade, as Wesfarmers' A$1.55 per share offer was 20 cents a share lower than Woolworths' proposal.
The deal will mark Wesfarmers' first foray into the pharmacy sector, giving it access to API's network of retail stores, skincare clinics, and a distribution network of pharmaceutical and healthcare products.
Woolworths, in a separate statement, said it had "not been able
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