Ginko International Co (金可國際), the nation’s biggest maker of contact lenses, yesterday said that its board of directors approved a takeover bid of NT$27.18 billion (US$976.43 million) by Glamor Vision Ltd and its subsidiary Glamor International Ltd.
The Glamor offer was to buy all 97.07 million Ginko shares for NT$280 each, Ginko said in statement submitted to the Taiwan Stock Exchange.
That represents a premium of 38.61 percent compared with Ginko’s closing price of NT$202 on Thursday.
After the transaction, Ginko would become a private company, with all shares delisted from Taipei Exchange, the statement said.
The firm’s global headquarters in Taichung and its China headquarters in Shanghai would continue to operate as usual, it said.
All factories, product development and distribution networks would remain unchanged, it said.
The deal is expected to be completed on May 26, it said.
The sale is to enhance Ginko’s operating efficiency and competitiveness, the statement said.
The deal with Glamor would give Ginko greater flexibility to form its development strategies and expand its global footprint, Ginko said, adding that it would allow it to leverage Glamor Vision owner Baring Private Equity Asia’s (霸菱亞洲投資) strength in global expansion experience and expertise.
Ginko sells contact lenses under the Deesse, Timido, Kukka, Eye Secret and Syreni brands, along with the Hydron (海昌) and Horien (海儷恩) brands.
It is the biggest contact lens supplier in Taiwan and China, with a 22 percent share in China last year.
Ginko’s parent, Formosa Optical Technology Co (寶島科), yesterday said it would swap the 18.39 percent stake of Ginko owned by its subsidiary New Path International Co for Glamor shares.
Ginko’s net profit expanded 24.81 percent annually to NT$787.75 million in the first three quarters of this year, compared with NT$631.15 million in the same period last year.
Earnings per share climbed to NT$8.11 from NT$6.5. Revenue surged about 30 percent year-on-year to NT$6.43 billion in the first three quarters, from NT$4.95 billion in the same period last year.
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