The shares of ASX 300 healthcare stock Sigma Healthcare Ltd (ASX: SIG) were pushing higher on Wednesday before being slammed into a trading halt this afternoon at the pharmacy operator's request.
According to the release, the company requested the halt pending the release of a big announcement. Its request states:
The trading halt is requested pending an announcement relating to a potential material transaction and is required to ensure Sigma shares are not trading on a misinformed basis.
Image source: Getty Images
What's going on with Sigma shares?
The rumour on the street is that Sigma shares have been halted today while it prepares to announce a reverse listing deal that will see pharmacy giant Chemist Warehouse listed on the Australian share market at long last.
According to the SMH, sources have told the media outlet that the two parties are close to agreeing a deal that would see Chemist Warehouse take board control and a majority ownership of Sigma.
The sources also claim that the deal could result in Sigma seeking to raise $400 million from investors to shore up its balance sheet and provide more liquidity.
Over at the AFR, it is reporting that the company will be seeking to raise $350 million to support the reverse listing of the privately owned Chemist Warehouse business.
Neither company has confirmed the reports yet. However, ASX 300 healthcare stock Sigma intends to release an announcement in relation to the "material transaction" before the market open on Friday.
So far, this news hasn't had an impact on Wesfarmers Ltd (ASX: WES) shares this afternoon. They have continued to rise despite the rumours. The conglomerate acquired Priceline-owner Australian Pharmaceutical Industries last year for almost $800 million.
