Australian Pharmaceutical Industries Limited made an offer to acquire SILK Laser Australia Limited (ASX:SLA) from Wilson Asset Management (International) Pty Limited and others for approximately AUD 170 million on April 19, 2023. As per the terms of the transaction, the offer per share is AUD 3.15. As of June 26, 2023, Australian Pharmaceutical Industries Limited entered into a scheme of implementation to acquire SILK Laser Australia Limited (ASX:SLA) from Wilson Asset Management (International) Pty Limited and others for AUD 180 million. API intends to acquire SILK laser by way of a scheme of arrangement. For The Indicative Proposal is subject to conditions including the satisfactory completion of due diligence, final Wesfarmers and SILK Board approvals, entry into a Scheme Implementation deed, obtaining regulatory clearances, no material adverse change, no prescribed occurrences, no material acquisitions/disposals, no dividends/distributions other than the Permitted Dividend, other customary terms and conditions, the approval of SILK shareholders and Court approval. As of May 22, 2023, a competing bid has been announced by EC Healthcare at a price per share of AUD 3.35. Silk board has determined the EC Proposal to be a Superior Proposal. As of August 10, 2023 API has received written confirmation from the Australian Competition and Consumer Commission (ACCC) that the ACCC does not intend to conduct a public review of the proposed acquisition of SILK by API. As of August 10, 2023 API has also advised SILK that API has received written confirmation from the New Zealand Commerce Commission (NZCC). As of November 29, 2023, SILK will apply to be removed from the official list of the ASX, which is expected to occur from the close of trade on November 30, 2023.

Highbury Partnership is acting as financial adviser to SILK. Kain Lawyers is acting as legal adviser to SILK. Wilsons Corporate Finance Limited is acting as co-advisor. Gilbert and Tobin acted as legal advisor to bidder.

Australian Pharmaceutical Industries Limited completed the acquisition of SILK Laser Australia Limited (ASX:SLA) from Wilson Asset Management (International) Pty Limited and others on November 29, 2023.