Japanese giant Kirin has made a $95 per share takeover bid for vitamins group Blackmores, whose board has recommended the offer to shareholders in the absence of a higher bid.
Kirin already owns the Lion beer business in Australia, which makes brands such as XXXX Gold, Furphy, Tooheys and West End.
Major shareholder Marcus Blackmore, who holds 18 per cent, says he’s “sort of relieved” that Kirin is the buyer after a fractious past two years with the board under previous chairwoman Anne Templeman-Jones.
Marcus Blackmore, the major shareholder in Australia’s largest vitamins company, Blackmores, will sell his 18 per cent stake into a $1.9 billion takeover by beverages giant Kirin Corporation, which wants to diversify away from a shrinking beer market in Japan.
His strong personal backing, and a separate endorsement from the Blackmores board, is crucial for Kirin, which is offering $95 a share via a scheme of arrangement because it reduces the risk of any rival player emerging.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
