Kirin to Buy Japan Supplement Maker Fancl for More Than $1.4 Billion — Update
By Kosaku Narioka
Kirin Holdings plans to acquire Japanese cosmetics and dietary-supplement maker Fancl for more than US$1.4 billion as part of efforts to expand its health business.
The Japanese beer maker said Friday that it would spend 220.72 billon yen (US$1.41 billion) to purchase shares in Fancl that it didn't already own through a tender offering.
Kirin holds a stake of about 33% in the cosmetics and supplement maker.
The planned acquisition follows Kirin's move in August to buy Australian nutritional supplement maker Blackmores for 1.88 billion Australian dollars (US$1.25 billion) in a bid to expand its supplement business.
Fancl said its board supported Kirin's plan and recommended that its shareholders tender their shares.
Kirin said that it would buy Fancl shares at Y2,690 apiece and that the tender offer period will run from June 17 to July 29.
Fancl shares jumped 21% on Friday to the limit high of Y2,284.5 after Kirin said earlier in the day that it was considering the acquisition of the supplement maker, following local media reports of a possible buyout. Kirin shares fell 1.5%.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
June 14, 2024 03:35 ET (07:35 GMT)
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