Primary rejects Sigma bid for assets-paper
SYDNEY (Reuters) - A bid by Australia's Sigma Pharmaceuticals Ltd (SIP.AX) for newly-acquired assets being sold by Primary Health Care Ltd (PRY.AX) has been rejected, the Australian Financial Review said on Monday.
Sigma failed to make the short list of potential buyers for Primary's consumer and pharmacy business, the business daily said, without giving a source. The unit makes vitamin and mineral supplements and wholesales drugs, and was acquired by Primary after its takeover of rival Symbion Health Ltd.
A bid by grocery wholesaler Metcash Ltd (MTS.AX) for just the pharmacy part of the unit made the short list, the paper said.
After its takeover of Symbion ended a year-long battle for control, Primary put the Symbion unit up for sale.
The paper said Primary has decided to sell the consumer and pharmacy assets separately rather than as one business to stand a better chance og getting a price over A$1 billion ($952 million).
Primary's advisers contacted shortlisted bidders in recent days and due diligence will begin this week, the paper said.
The paper said there were three or four potential bidders on each short list, with Singapore food supplement maker Cerebos Pacific (CERE.SI) on the consumer asset list.
(Reporting by Miranda Maxwell)
