IN A turnaround decision, Wesfarmers announced this week that its wholly-owned subsidiary, Australian Pharmaceutical Industries Ltd has entered into a Scheme Implementation Deed (SID) with SILK Laser Australia Limited to acquire 100% of SILK's shares outstanding for $3.35 cash per share, by way of a Scheme of Arrangement, (PD 20 Apr).
The consideration represents an implied equity value for SILK of approximately $180 million, based on 53.76 million fully diluted shares outstanding.
The SID allows for the payment of a fully-franked dividend of up to a maximum of 10c per SILK share, with the cash consideration of $3.35 per share to be reduced by the cash component of any such dividends.
Wesfarmers Health Managing Director Emily Amos said that the acquisition of SILK would complement the division's existing Clear Skincare Clinics, providing scale and efficiency benefits through an expanded presence in the attractive and growing market for aesthetic products and services.
The above article was sent to subscribers in Pharmacy Daily's issue from 29 Jun 23
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