Why It Matters: Blackmores is the No.1 player in Australia’s vitamins market and is being taken over by Japan’s Kirin Corp in a $1.9 billion deal.
All Blackmores shareholders will receive a special dividend payment of $3.92 per share on August 1, and then the rest of the proceeds on August 10.
Marcus Blackmore, whose late father Maurice founded the company in 1932, held an 18.5 per cent stake.
He wants the Blackmores brand to become a global powerhouse, something which was beyond the group with the deep pockets of Japan’s Kirin.
Marcus Blackmore, the major shareholder of vitamins group Blackmores, says he feels “bittersweet” as he receives $11.6 million from a special dividend being paid to all shareholders on Tuesday in the first step of Kirin Corp’s $1.9 billion buyout.
Mr Blackmore, who held an 18.5 per cent stake and was integral in Kirin gaining support for its takeover approved in mid-July, will collect $334 million in total from the bid, and says he wants to help Kirin build Blackmores into a global brand.
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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
