Sigma extends Chemist Warehouse merger deadline
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The news: Pharmacy wholesaler Sigma Healthcare and retail chain Chemist Warehouse have agreed to extend their merger deadline to 31 March.
The numbers: Sigma on Wednesday told investors it expects the documentation required to vote on certain resolutions in connection with the proposed $8.8 billion merger with Chemist Warehouse to be released this month, with implementation expected to occur in February 2025.
The context: The deal was cleared by the competition regulator last month, following months of delay.
The parties are now awaiting the approval of certain resolutions in connection with the transaction by Sigma shareholders, the approval of the scheme by Chemist Warehouse shareholders, and the approval of the court. Sigma said a notice for an extraordinary general meeting is expected soon.
The merger will bring together Sigma’s wholesale pharmacy business along with its Amcal and Discount Drug Store pharmacy brands with larger rival Chemist Warehouse’s nearly-600 strong network of stores.
The source: ASX announcement
