Japan's Kirin says tender offer bid for Fancl was successful
12/09/2024 07:13
TOKYO, Sept 12 (Reuters) - Japan's Kirin Holdings
2503.T said on Thursday that its tender offer for skin care
brand Fancl 4921.T was successful, overcoming rival buying by
an overseas fund and furthering the beermaker's foray into
healthcare.
Kirin said in a statement that Fancl would become a
consolidated subsidiary on Sept. 19 after its tender offer
raised its ownership ratio to just over 75%.
Kirin launched a friendly 220 billion yen ($1.54
billion)tender offer in June, and raised its offer and extended
the purchase period after Hong Kong-based MY.Alpha Management
lifted its stake in Fancl to around 10%.
Kirin President Takeshi Minakata had told Reuters in late
August that the company had secured enough shares for the
takeover.
Fancl, known for its skin cleansing oils and nutritional
additives, fits into a health science portfolio that Kirin aims
to grow into a new pillar of the group along with alcohol and
pharma. The company aims to expand the unit's annual revenue to
500 billion yen, about five fold last year's tally.
Founded in 1981, Fancl is known for its skin cleansing oils
and nutritional supplements distributed largely through online
and catalogue sales.
($1 = 142.6700 yen)
(Reporting by Rocky Swift and Chang-Ran Kim; Editing by Kim
Coghill)
((ran.kim@thomsonreuters.com; +81-3-4520-1228;))