Wesfarmers likely to lob fresh bid after API rejects $687m offer
We’re sorry, this service is currently unavailable. Please try again later.
Dismiss
4.14pm
Normal text size
Advertisement
Takeover target Australian Pharmaceutical Industries’ (API) shareholders are holding out hope that retail powerhouse Wesfarmers will return to the table with a higher offer after having its initial bid rejected by the company’s board.
API, which owns the Priceline pharmacy chain along with a range of skincare clinics, knocked back Wesfarmers’ surprise $687 billion takeover bid on Thursday, telling the Perth-based conglomerate to come back with an offer that appropriately valued the business.
Wesfarmers boss Rob Scott timed his strike to (near) perfection
afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
Ruffy Geminder steps up pressure on McPherson s
afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
Simon Conn is an overseas property professional
With the current economic turmoil due to both Brexit and Covid-19, many UK mortgage brokers have continued to be accused of being ‘ageist’. This is because many are lowering their maximum age limits on traditional mortgage lending for an older borrower from 80/85 to an upper age limit of 70 years.
Since the last recession over 10 years ago, banks still have less money to lend and have put in place strict lending criteria (and recent events have not helped), which has resulted in some older people over the age of 70, being refused a regular mortgage. Many critics believe that this is just another continual sign that banks only want to concentrate on helping young buyers to get on to the property ladder.