2 Sep 2009

Shareholders back pharmacy move

11:59 am on 2 September 2009

Life Pharmacy shareholders have approved a plan to buy Pharmacybrands for $20 million, making the combined group a dominant player in the market.

At their annual meeting on Tuesday, shareholders also backed plans for Life Pharmacy to buy back 4.2 million of partly paid shares.

The takeover has the support of a majority of Pharmacybrands' owners, including 66% shareholder Cape Healthcare.