Silk Laser Australia drops as Wesfarmers' unit to not match EC Healthcare bid

EC Healthcare

30/05/2023 02:31

** Shares of Silk Laser Australia Ltd  SLA.AX  slump as much
as 7.6% to A$3.16, their biggest intraday pct loss since Nov 23,
if trend holds 
    ** Co says Australian Pharmaceutical Industries (API), a
unit of retailer Wesfarmers Ltd  WES.AX  decided it would not
match the EC Healthcare's  2138.HK  offer price of A$3.35 per
share
    ** Silk's board on May 23 had determined EC's A$3.35 apiece
proposal to be a "superior" 
    ** Co says process deed with API will end by June 1
    ** Grants due diligence access to EC Healthcare
    ** Stock hits lowest since May 22
    ** More than 405,201 shares change hands, twice the 30-day
average volume 
    ** Stock up 80% this year, as of last close


 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))