March 12, 2019 / 10:43 PM / 8 days ago

Australia's Sigma Healthcare board admonishes API takeover bid

March 13 (Reuters) - Australian pharmacy operator Sigma Healthcare Ltd’s board on Wednesday said the takeover bid from Australian Pharmaceutical Industries Ltd was not in the best interests of shareholders.

Having recently completed a detailed assessment of the proposal, Sigma’s board said in a statement that there was scope for standalone value to shareholders through the cost-cutting measures it had outlined earlier.

Sigma Chairman Brian Jamieson said “the current API proposal does not reflect the long-term prospects and value inherent in Sigma having regard to the reset cost base of the business and our own growth agenda.”

Reporting by Ambar Warrick in Bengaluru; Editing by Lisa Shumaker

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