ASX-listed Silk Laser Clinics has entered into a binding Scheme Implementation Deed (SID) for Wesfarmers’ Australian Pharmaceutical Industries (API) to acquire 100 per cent of Silk shares.
Silk’s board has unanimously recommended shareholders vote in favour of the scheme which will deliver $3.35 cash per share.
The payment matches the cash per share put forward by EC Healthcare Limited in May 2023, following the Wesfarmers’ bid in April 2023.
However the Silk board has determined the API Binding Offer is a superior proposal, subject to an independent expert’s review of the scheme.
Silk chairman Boris Bosnich said “Wesfarmers Health represents a logical, long-term owner for the Silk business, with the expertise and capacity to support continued growth for Silk and its franchise partners.
“The API offer provides certainty for shareholders, and we have been pleased with the alignment between the businesses seen through due diligence.”
Silk shareholders will be given the opportunity to vote on the Scheme at a meeting expected for October. If the deal goes ahead, it is likely to be implemented by the end of November 2023.
