Japan’s Kirin Holdings said on Thursday that its tender offer for skin care brand Fancl was successful, overcoming rival buying by an overseas fund and furthering the beermaker’s foray into healthcare.
Kirin said in a statement that Fancl would become a consolidated subsidiary on Sept. 19 after its tender offer raised its ownership ratio to just over 75%.
Kirin launched a friendly 220 billion yen ($1.54 billion)tender offer in June, and raised its offer and extended the purchase period after Hong Kong-based MY.Alpha Management lifted its stake in Fancl to around 10%.
Kirin President Takeshi Minakata had told Reuters in late August that the company had secured enough shares for the takeover.
Fancl, known for its skin cleansing oils and nutritional additives, fits into a health science portfolio that Kirin aims to grow into a new pillar of the group along with alcohol and pharma. The company aims to expand the unit’s annual revenue to 500 billion yen, about five fold last year’s tally.
Founded in 1981, Fancl is known for its skin cleansing oils and nutritional supplements distributed largely through online and catalogue sales.
($1 = 142.6700 yen)
Reuters
