Shareholders give the go-ahead for massive pharmacy merger
Terry White Group shareholders have unanimously approved the merger with Chemmart at an extraordinary general meeting late last week.
Group chairman, Terry White said the merger will create one of Australia’s largest retail pharmacy networks with approximately 500 pharmacies and $2 billion in retail turnover.
“The size of this transaction is unprecedented in our industry and will create a new force within Australian pharmacy,” Mr White said.
“The driving force behind this transaction is growth and it is a significant milestone in achieving our vision of becoming Australia’s strongest retail pharmacy network and customer’s first choice for health and value.
“The merger will enable us to meet the changing needs of our customers, deliver a strong and sustainable business model for our pharmacists and enhance long-term value for our shareholders,” he said.
Completion of the merger is scheduled for 31 October 2016 with the $13 million (98.4 cents per share) capital reduction anticipated to be paid to shareholders on 21 November 2016.
The merger was initially announced in August