Blackmores Recommends A$1.84 Billion Takeover Proposal by Kirin

By Stuart Condie

SYDNEY--Blackmores Ltd. agreed to a takeover proposal by Kirin Holdings Co. Ltd. that values the Australian vitamin and supplement maker at about 1.84 billion Australian dollars (US$1.22 billion).

Blackmores, which began in a Brisbane health-food store in 1938, on Thursday said that the Japanese beverage and pharmaceutical giant is offering A$95.00 a share in cash. That represents a 24% premium to the stock's last close.

Shareholders would also receive a special dividend of A$3.34 a share upon implementation of the scheme, Blackmores said.

It added that Kirin would maintain its Australian headquarters and manufacturing operations.

The Blackmores board unanimously recommends that shareholders vote in favor of the proposal at a meeting likely to be held in July. Marcus Blackmore, the son of the company's founder and its largest shareholder, agreed to vote his 18% holding in favor of the scheme, Blackmores said.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

April 26, 2023 19:27 ET (23:27 GMT)

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