| Blackmores Limited has entered into a Scheme Implementation Deed with Tokyo-based food, beverage, pharmaceuticals and health science company Kirin, which has made a $95 per share all-cash offer for the company.
The bid is being backed by the company's largest shareholder, Marcus Blackmore, who said he has agreed to vote his 3,516,834 shares in favour of the deal, while the Blackmores Board of Directors is also unanimously recommending that shareholders vote in favour of the scheme.
CEO Alastair Symington said "the Kirin proposal recognises the strong leadership position that Blackmores, through its brands and people, has established in the natural health sector across the Asia Pacific region over our long history".
If approved by shareholders the transaction is expected to be implemented in the third quarter of 2023.
More details in today's issue of Pharmacy Daily.
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