Australian Pharmaceutical Industries Limited made a 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. 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.

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 terminated the process deed to acquire SILK Laser Australia Limited (ASX:SLA) from Wilson Asset Management (International) Pty Limited and others on June 1, 2023.