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In recent years, Terry White has become one of the largest Australian pharmaceutical chains in the country.
Following his merger with Chemmart in 2016, Terry White seeks to further grow by selling to the largest and most diverse Australian health products market, wholesaler and distributor: the EBOS Group.
This morning's group gave its blessing to an EBOS public offer to buy all the shares it currently does not hold.
To date, EBOS owns 50% of the shares of Terry White, but is seeking to acquire the remaining 50% for $ 3.55 per share. If the repurchase is approved by the shareholders, Terry White will become the exclusive property of EBOS.
Anthony White, CEO of Terry White Group, told Business News Australia that the reason is that this acquisition aims to advance his fast acceleration projects.
"Our board of directors has evaluated all of the options for the company and the transaction with EBOS provides a number of economic and strategic benefits to our pharmacy owners and our shareholders, as well as to our customers. to our team, they are mainly committed to really accelerating our plans and expanding the pharmacy network, "says White.
"It's a great opportunity for our shareholders to realize their shareholding at a price higher than what they've paid."
The directors of TWG unanimously supported the takeover bid, recommending that shareholders vote in favor of the latter at the next general meeting scheduled for December.
Upon successful completion, TWG will operate as part of the EBOS Group's entire health business and will continue to be the leading franchised pharmacy franchise business for Australia's EBOS retailers.
EBOS Chairman Mark Waller assured TWG shareholders that he would not make any changes to the current senior management of the group of pharmacists if the takeover were successful.
"We believe that, with the support of EBOS, TWG will have the financial strength to continue to innovate, pursue its opportunities for expansion and accelerate the execution of its growth strategies," said M Waller.
"We support TWG's management initiatives to improve the profitability of TerryWhite Chemmart pharmacies through the efficiency of the supply chain and the improvement of the product line."
Founded by Terry (pictured) and Rhonda White in 1959, the chain has become a staple of the retail business across the country. Employees still have significant involvement in the company, and son and CEO Anthony White says it will not change after the takeover.
"For them, it's more than just a business," White says.
"It's a very personal relationship and they just want to support it and see that it is growing and that it is thriving in the next ten or ten years."
"They are eager to continue to do that, to make sure it's successful and to be successful in the future for a long time."
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Business News Australia
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