Silk Laser Australia soars on $120 mln buyout bid from Wesfarmers unit API

Solara Minerals

26/06/2023 01:58

** Shares of Silk Laser Australia Ltd  SLA.AX  soar as much
as 17.7% to A$3.32, marking their biggest intraday pct gain
since April 20
    ** Retail giant Wesfarmers'  WES.AX  unit Australian
Pharmaceutical Industries (API) to buy aesthetics firm SILK
Laser Australia for A$180 mln ($120.24 mln)
    ** Cash consideration of A$3.35 per share represents a
premium of 38.4% to the closing price of A$2.42 on April 19,
before API unveiled its initial offer of A$3.15 per share
    ** SILK board unanimously recommends that shareholders vote
in favour of deal
    ** WES shares up 1.7% at A$48.90, posting their biggest
intraday pct gain since June 5
    ** SLA up 48.4% this year, as of last close

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))