BLACKMORES Limited will be sold to Tokyo-based food, beverage, pharmaceuticals, and health science company, Kirin Holdings Company Limited, through a Scheme Implementation Deed for the acquisition of 100% of the issued share capital of Blackmores.
Under the terms of the Scheme, valued at $1.88b, Blackmores' shareholders will receive a cash consideration of $95 per Blackmores share, less any special dividend declared or paid prior to implementation of the Scheme.
If the Scheme becomes effective, the Blackmores Board intends to declare a fully-franked special dividend of $3.34 per Blackmores share payable on or immediately prior to implementation of the Scheme, which is expected to enable eligible shareholders to benefit from franking credits of $1.43 per Blackmores share attached to any such Special Dividend.
The Blackmores Board has unanimously recommended the Scheme with the company's largest shareholder, Marcus Blackmore, who holds or controls approximately 18% of Blackmores' ordinary shares outstanding as of today, has informed Blackmores that he has agreed with Kirin to vote his 3,516,834 shares held or controlled by him in favour of the Scheme.
Blackmores CEO Alastair Symington said "the Kirin proposal recognises the strong leadership position that Blackmores, through its brands and people, has established in the natural health sector across the Asia Pacific region over our long history".
Kirin's Board Director and head of its health business, Takeshi Minakata, said, "we believe Blackmores will accelerate the transformation of our Health Sciences Domain as both Kirin and Blackmores share a vision to improve people's lives...and we are excited about the growth potential for the Blackmores business and look forward to supporting its growth and development, and furthering its commitment to quality ingredients and product development".
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