Listed cosmetic injections and skincare group Silk Laser Clinics has announced its acquisition of Australian Skin Clinics and the Cosmetic Clinic in New Zealand, according to a media report. The acquisition, worth $52 million, will increase Silk Laser’s outlets from 61 to 117, of which 14 are located in New Zealand. The company estimates there will be up to $500,000 in synergy savings and limited cross-over in locations. The Australian Competition and Consumer Commission will not conduct a public review into the acquisition, reportedly indicating it has no concerns over reduced competition in the industry.
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Pharmacy owner rejects takeover offer
Wholesale pharmaceutical distributor and Priceline Pharmacy franchisor, Australian Pharmaceuticals Industries (API), has rejected a takeover offer of $687 billion from multibrand conglomerate Wesfarmers, according to a media report.
API described Wesfarmer’s unsolicited, conditional, and non-binding bid of $1.38 per share as “not compelling” and opportunistic given that the offer was made on the same day that API announced a full-year earnings downgrade driven by COVID-related trading restrictions. Regardless of API’s decision, Wesfarmers has already secured a significant shareholding in the business through a deal with Washington H Soul Pattinson which currently owns 19.3% of API. Brands operating under Wesfarmer’s umbrella include Bunnings and Officeworks.
