The Australian share market was trading up on Monday as healthcare company Australian Pharmaceutical Industries , owner of Priceline, skyrocketed on a takeover bid from Wesfarmers.Best performer on Monday was API after it received a takeover bid by WesfarmersThat saw it rise after a sell-off on Friday.
The day's top performer by far was API, which soared 18.3 per cent on the unsolicited big by Wesfarmers.Wesfarmers is offering $1.38 a share which works out at $680 million.Wesfarmers owns Kmart, Bunnings and Officeworks, and has previously made proposals to have pharmacies inside its stores.Other strong performers on the ASX 200 on Monday included Viva , NRW Holdings and BlueScope Steel , as commodity prices rise globally.
Watch the local pharmacy go the way of the dodo.