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4924 - Ci:z Holdings Co News Story

¥5890 0.0  0.0%

Last Trade - 19/04/19

Sector
Consumer Defensives
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £329.3m
Position in Universe th / 3900

UPDATE 1-J&J makes $2.1 bln offer to buy out Japan cosmetics firm Ci:z

Tue 23rd October, 2018 9:32am
* J&J makes $2.1 bln tender offer to buy out Ci:z
    * The offer represents 55 pct premium to Tuesday's closing
price
    * The deal will improve J&J's international product pipeline

 (Adds details of offer)
    TOKYO, Oct 23 (Reuters) - U.S. healthcare conglomerate
Johnson & Johnson  JNJ.N  said on Tuesday it is acquiring all
outstanding shares of Japanese skincare firm Ci:z Holdings Co
Ltd  4924.T  that it does not already own for 230 billion yen
($2.05 billion) in cash.
    J&J is betting the deal, which will give it ownership of the
Japanese firm's popular brands such as Dr.Ci:Labo, Labo Labo and
Genomer line of skincare products, will help it strengthen its
international innovation pipeline.    
    It will pay 5,900 yen per Ci:z share, a 55 percent premium
over Tuesday's closing price, and also acquire the shares owned
by the Japanese firm's founder Yoshinori Shirono, J&J said in a
statement.
    CIC Corp, the ownership vehicle of the founder, is the top
shareholder of Ci:z with a 27.96 percent interest, according to
Refinitiv data.
    J&J is the second largest shareholder of the Japanese firm
and owns a 19.9 percent stake through its affiliate.
    J&J, which has been selling off certain businesses such as
diabetes care devices to focus on better performing units and
development of new products, plans to launch the tender offer on
Oct. 29.
($1 = 112.3500 yen)

 (Reporting by Makiko Yamazaki and Chris Gallagher; Editing by
Miyoung Kim and Muralikumar Anantharaman)
 ((chris.gallagher@thomsonreuters.com; https://twitter.com/ChrisGallagher4
 ; 81-3-6441-1842; Reuters Messaging:
chris.gallagher.thomsonreuters.com@reuters.net))
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