March 13 (Reuters) - Australian pharmacy operator Sigma Healthcare Ltd's (SIG) board on Wednesday said the takeover bid from Australian Pharmaceutical Industries Ltd (API) 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."
