Wesfarmers Lobs $687M Takeover Bid for Australian Pharmaceutical Retail Group

Wesfarmers Lobs $687M Takeover Bid for Australian Pharmaceutical Retail Group
Signage for facemarks and gloves are seen at an entrance to a Priceline Pharmacy in Melbourne, Australia on July 20, 2020. AAP Image/James Ross
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Retail and hardware conglomerate Wesfarmers has lobbed a $687 million surprise takeover bid for Australian Pharmaceutical Industries, which owns the 420-strong retail chain Priceline Pharmacy.

The bid was announced on July 12 and includes an 18.7 to 20.5 percent premium on the share price of the group.