Retail and hardware conglomerate Wesfarmers has lobbed a $687 million surprise takeover bid for Australian Pharmaceutical Industries, which owns the 420-strong retail chain Priceline Pharmacy. The bid was announced on July 12 and includes an 18.7 to 20.5 percent premium on the share price of the group. API’s executive board noted (pdf) that its portfolio—including health, beauty, and skincare businesses—was attractive and well-positioned for growth, particularly via online sales channels. Sales from the group’s physical clinics have taken a battering from COVID-19 lockdowns, which has driven customers online. Wesfarmers CEO Rob Scott said if the bid were successful, API would form the foundation of a new healthcare division within the conglomerate, from which it could further expand. “The combination of Wesfarmers and API is a compelling opportunity to capitalise on API’s strengths and positioning in these markets while drawing upon Wesfarmers’ capabilities in retail and distribution, our strong balance sheet, …