API shares slipped 0.4 per cent to $1.365 after soaring almost 20 per cent on Monday on news of Wesfarmers’ $1.38-a-share cash offer, which values the owner of Priceline Pharmacy and Clear Skincare beauty clinics at $687 million, excluding debt. Blue Ocean equities analyst Philip Pepe also said the offer looked “a little low and opportunistic”.Where does Wesfarmers get most of their money?
That philosophy explains why members of the Wesfarmers executive team are regular customers at Coles, Bunnings, Kmart and Target. But Chanticleer thinks Scott may have taken the Priceline discount model a bit far with his low-ball, $687 million all-cash offer for API.Who is the largest shareholder of Wesfarmers Australia?
The surprise offer was lobbed on Monday morning after API’s largest shareholder, Washington H. Soul Pattinson, granted Wesfarmers a call option over its 19.3 per cent stake following talks last week.Who is the Board of directors of API?
It will not have escaped the board of API, which is chaired by Kenneth Gunderson-Briggs, that the Wesfarmers offer price of $1.38 a share is where the stock was trading in April. Also, another reasonable benchmark for valuation is the $1.38 a share consensus share price targets of the eight analysts covered by FactSet.