THE Federal Court of Australia has today made orders approving the proposed acquisition of Australia's best-known natural medicines manufacturer Blackmores Kirin Health Science Australia Pty Ltd.
Blackmores expects to lodge a copy of the Court orders with the Australian Securities and Investments Commission tomorrow, at which point the Scheme will become legally effective.
Blackmores will also request that the quotation of Blackmores Shares on the ASX be suspended from the close of trading tomorrow.
Subject to the Scheme becoming legally effective, Blackmores' shareholders will be sent $91.71 cash per Blackmores share on the Implementation Date for the Scheme (expected to be 10 Aug 2023), in respect of Blackmores shares held at 7pm on 02 Aug.
The shareholders will also receive the fully franked Special Dividend of $3.29 on 26 Jul, and will be paid on 01 Aug.
Earlier in Apr, Kirin Health's bid to take over Blackmores was backed by the company's largest shareholder Marcus Blackmore, who said he had agreed to vote his 3,516,834 shares in favour of the deal, while the Blackmores Board of Directors was also unanimously recommending that shareholders vote in favour of the Scheme.
Kirin Health had made a $95 per share all-cash offer for the company.
The above article was sent to subscribers in Pharmacy Daily's issue from 20 Jul 23
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