Silk Laser Australia posts record jump on buyout offer from Wesfarmers unit

Solara Minerals

20/04/2023 02:37

** Shares of Silk Laser Australia  SLA.AX  rally as much as
25.6% to A$3.04, their biggest-ever intraday jump, if gains hold
    ** The non-surgical aesthetics clinic network after market
close on Wednesday said it got an indicative A$3.15 per share
buyout proposal from Australian Pharmaceutical Industries (API),
a unit of retailer Wesfarmers Ltd  WES.AX  
    ** Proposal provides for the payment of a fully-franked
dividend of up to a maximum of 10 Australian cents per share
    ** SLA's board said offer is in "the best interests of SILK
shareholders" and allowed API to undertake due diligence
    ** Stock hits highest since April 12, 2022
    ** About 492,000 shares change hands, compared with the
30-day average volume of about 36,000 shares
    ** WES shares gain up to 0.7% to A$51.98 vs a 0.2% dip in
the broader ASX 200 benchmark index  .AXJO 
    ** SLA up 27.4% this year as of last close


($1 = 1.4663 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))