SILK Laser (ASX:SLA) announces that it has received a non-binding, indicative and conditional proposal from Australian Pharmaceutical Industries (API) to acquire 100% of the shares in SILK, by way of a scheme of arrangement, for cash consideration of $3.15 per share. API is a wholly owned subsidiary of Wesfarmers Limited.

Founded in 2009, SILK is one of Australia’s largest specialist clinic networks, offering a range of non-surgical aesthetic products and services.

Commenting on the news, SILK Founder and Managing Director Martin Perelman said: “The SILK Board and leadership team are pleased to announce that we have received a non-binding, indicative proposal from API to acquire 100% of the shares in SILK. SILK has grown from a single store in South Australia, to listing on the ASX a few short years ago, growing the network to more than 140 stores today. The SILK Board has determined that it is in the best interests of shareholders to engage with API.”

SILK and API have entered into a Process Deed under which API has been granted 30 business days to undertake exclusive due diligence and negotiations on a binding SID.