Kirin Holdings Co has agreed to buy Australian vitamins maker Blackmores Ltd for A$1.88 billion (US$1.24 billion) in cash, as part of a push by the Japanese brewer into health products to reduce its reliance on beer.
Kirin won unanimous approval from the Australian company’s board with an offer of A$95 per share and Blackmores is to pay shareholders an A$3.34 special dividend.
Altogether, the bid adds up to a 24 percent premium to Blackmores’ last closing price, the companies said in a statement yesterday.
The shares surged 22 percent in early Sydney trading.
Kirin is expanding into healthcare as it sees increasing regulation of the alcoholic beverage industry. Kirin’s diversification away from beer stands in contrast to bigger rivals, such as Anheuser-Busch InBev SA and Asahi Group Holdings Ltd, which are doubling down on alcohol and investing in higher-end businesses like craft beers.
“The acquisition of Blackmores will transform the scale” of Kirin’s health business, the brewer said in a statement.
It “will expand access to Kirin’s ingredients to hundreds of millions of consumers in the Asia-Pacific region through Blackmores’ distribution network,” it said.
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