Terry White Group to become a 100% subsidiary of EBOS in $50 million deal.
EBOS Group Limited has just announced an agreement with Terry White Group Limited (TWG) to acquire all of the minority shares in TWG by way of a scheme of arrangement.
EBOS currently holds just over 50% of the shares in TWG which were originally acquired on 31 October 2016, when Terry White Chemists was merged with Chemmart.
John Cullity, CEO of EBOS, said the move to full ownership at this time would provide “a number of economic and strategic benefits to both EBOS shareholders and TerryWhite Chemmart franchisee members”.
He said EBOS was committed to achieving long-term sustainable growth. “A strongly resourced management company is critical in the face of a highly competitive and evolving retail pharmacy sector and continuing industry reforms,” Cullity said, expressing confidence that the distinct TerryWhite Chemmart offering and its strong, proven retail capability make it a “highly scalable business”.
The proposed acquisition is in the form of $50 million in cash, and is subject to approval by TWG minority shareholders. It’s anticipated to be settled in late December 2018.
More information in today’s issue of Pharmacy Daily.
