(Adds deal details in paragraphs 2-5 & 8-9, share movement in...

(Adds deal details in paragraphs 2-5 & 8-9, share movement in paragraph 6, Wesfarmers Health comment in paragraph 7)

June 26 (Reuters) - Retail giant Wesfarmers' (WES) unit Australian Pharmaceutical Industries (API) said on Monday that aesthetics firm SILK Laser Australia (SLA) had agreed to its improved acquisition bid in a deal now valued at about A$180 million ($120.24 million).

The deal implies a cash consideration of A$3.35 per share, alongside an additional payment of a fully-franked dividend of up to a maximum of 10 Australian cents per SILK share, compared with API's earlier offer of A$3.15 per share.

However, the per-share consideration under the revived offer is to be reduced by the cash component of any such dividends, Wesfarmers added.

The cash consideration of A$3.35 represents a premium of 38.4% to the closing price of A$2.42 per share on April 19, when API announced its initial offer.

API's proposal also acts as a counter-bid to the indicative offer price of A$3.35 brought forward by Hong Kong-based EC Healthcare 2138.HK , which was priced at a premium of 6.3% to API's initial offer.

Shares of SILK advanced as much as 17.4% at A$3.31 in early trade on Monday.

Through the acquisition, the company's health division is looking to capitalize on expanding its footprint in the growing market for aesthetic products and services, Wesfarmers Health Managing Director Emily Amos said in a statement.

SILK board has unanimously recommended that shareholders vote in favour of the scheme, adding that the scheme is not subject to due diligence or any form of financing.

SILK Shareholders will cast their votes on the deal at a scheme meeting to be held in October, the companies said.

($1 = 1.4970 Australian dollars)