Kirin Holdings → Blackmores Limited
completedJapanese beverage and health-science group Kirin Holdings agreed to acquire 100% of ASX-listed vitamins and supplements maker Blackmores via a scheme of arrangement at A$95.00 cash per share (plus a A$3.34 special dividend), valuing the company at approximately A$1.85 billion. Completed 9 August 2023.
Kirin said the deal built on Blackmores' strong leadership position in the natural health sector across Asia-Pacific and supported Kirin's strategic push into health science.
Blackmores' board recommended the offer as the scheme price of A$95.00 fell within the independent expert's assessed valuation range of A$89.00–A$102.00 per share and represented a 24% premium to the last close.
Blackmores shares rose sharply toward the offer price following the announcement, reflecting the takeover premium (specific percentage move not confirmed in sourcing).
Deal mechanics
Thomson Geer (legal)
Barrenjoey Capital Partners and Adara Partners (financial); Herbert Smith Freehills (legal)
Scheme of arrangement — A$95.00 cash per share plus A$3.34 special dividend
FIRB approval confirmed under the Foreign Acquisitions and Takeovers Act 1975 (Cth)