- Silk Laser Australia (SLA) enters into a scheme implementation deed with Westfarmers’ (WES) subsidiary, Australian Pharmaceutical Industries (API), who will acquire 100 per cent of shares in the company
- API will acquire all the shares at a cash consideration of $3.35 a share
- Silk will pay shareholders a fully franked dividend of up to 10 cents a share
- SLA’s board unanimously recommends voting in favour of the scheme as it’s in “the best interest” of shareholders
- Shares soared 17.7 per cent to $3.32 at market close, while WES was up 0.48 per cent to $48.30 at the same time
Silk Laser Australia (SLA) has entered into a scheme implementation deed with Wesfarmers’ (WES) subsidiary, Australian Pharmaceutical Industries (API), who will acquire 100 per cent of shares in the company.
API will acquire all the shares at a cash consideration of $3.35 a share, with Silk to pay shareholders a fully franked dividend of up to 10 cents a share.
The price offered is a 38.4 per cent premium to the company’s last trading price of $2.42 on April 19 before the proposal from API was received.
Highbury Partnership is acting as the financial advisor to Silk while Kain Lawyers are the company’s legal advisor.
Silk’s board unanimously recommended that shareholders vote in favour of the scheme as they said it’s in “the best interest” of shareholders.
SLA soared 17.7 per cent to $3.32 at market close, while WES was up 0.48 per cent to $48.30 at the same time.