Wesfarmers’ API set to acquire Silk Laser Clinics business

Wesfarmers’ wholly-owned subsidiary Australian Pharmaceutical Industries (API) has made a $167 million non-binding indicative and conditional offer to acquire specialist skincare clinic chain Silk Laser Clinics.

Under the deal, Silk’s shareholders will receive $3.15 per share indicating a premium of 30.2 per cent to the closing price yesterday, of $2.42 per share.

Silk founder and MD, Martin Perelman (pictured above), said the company’s board has determined that it is in the “best interests of shareholders to engage with API”.

Founded in Adelaide in 2009, Silk Laser Clinics offer a range of non-surgical aesthetic products and services including cosmetic injectables, laser hair removal, skin treatments and body contouring.

API has been granted 30 days of exclusive due diligence and negotiations on the binding agreement.

Wilson Asset Management Group, which owns a 9.3 per cent shareholding in Silk, is expected to vote in favour of the proposed takeover.

Last week, Wesfarmers sold all of its remaining shares in the supermarket chain, Coles Group, which it spun off in 2018.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.