TCI Co Ltd’s (大江生醫) shares yesterday fell 5.02 percent after the company on Monday announced that it would acquire 30 percent of Maxigen Biotech Inc’s (MBI, 和康生物科技) outstanding shares via a public tender.
TCI would pay NT$29 per share, costing it NT$604 million (US$21.28 million) in total.
TCI’s shares closed at NT$208 on the Taipei Exchange, the lowest since they ended at NT$206 on Feb. 23, while MBI’s shares rose 10 percent to close at NT$27.5 on the Taiwan Stock Exchange.
Photo: CNA
TCI, a Taipei-based supplement and skincare product provider with paid-in capital of NT$1.18 billion, according to company data, on Monday said that it aims to become MBI’s majority shareholder.
MBI is a collagen-based skincare product provider in Taoyuan with a paid-in capital of NT$694 million, company data showed.
TCI said it plans to buy 20.83 million MBI shares, raising its stake in the firm to 30.53 percent.
The public tender offer would begin today and end on April 16, the company added.
The offer of NT$29 per share would represent a premium of 16 percent on MBI’s closing price of NT$25 on Monday.
TCI said that its offer is reasonable as it falls in the fair value range of NT$27.55 to NT$30.83 assessed by independent experts.
TCI is an original design manufacturer of health products and skincare products, while MBI is skilled at using synthetic calcium phosphate ceramics, medical-grade hyaluronic acid and collagen to manufacture bone graft, dermal filler and regenerative matrix products, TCI said.
“The acquisition would help TCI and MBI achieve synergy, as the two firms could integrate their technology, research and development resources, and marketing channels,” TCI said in a regulatory filing.
MBI said some of its larger shareholders signed agreements to sell their shares to TCI on March 3, including Global Investment Holdings Co Ltd (環宇投資), which is owned by MBI chairman Hsu Li-teh (徐立德).
MBI would assign independent experts to evaluate whether TCI’s offer is reasonable and would provide the answer to MBI’s shareholders within 15 days, it said.
TCI reported net profit of NT$1.83 billion last year, down 8.8 percent annually, with earnings per share sliding from NT$17.02 to NT$15.69, company data showed.
Its board of directors has approved a proposal to distribute a cash dividend of NT$8.8 per share, which suggests a payout ratio of 56 percent.
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