Woolworths Group Limited (ASX:WOW) made a non-binding proposal to acquire Australian Pharmaceutical Industries Limited (ASX:API) from Wesfarmers Limited (ASX:WES) and others for approximately AUD 860 million on December 1, 2021. The Woolworths offer of AUD 1.75 a share may be subject to further due diligence on Australian Pharmaceutical Industries Limited but if a firm offer from Woolworths is made, and accepted by the API board, Wesfarmers has the right to match that offer with a superior bid. Transaction is approved by the Board of Woolworths Group Limited. The Woolworths Proposal is subject to a number of conditions including confirmatory due diligence and ACCC approval. The Proposal will not be conditional on financing. Transaction is expected to complete on Second Quarter, 2022. Morgan Stanley acted as financial advisor to Woolworths Group.

Woolworths Group Limited (ASX:WOW) cancelled the acquisition of Australian Pharmaceutical Industries Limited (ASX:API) from Wesfarmers Limited (ASX:WES) and others on January 7, 2022.