Every year or two, a big Japanese conglomerate snaps up a well-known Australian company, and the deals are invariably clean, swift and at hefty premiums.
Marcus Blackmore is “relieved” at the bid, and convinced Kirin wants to build the business.Kirin’s $1.88 billion bid
The result is an offer at $95 a share, less any dividends paid in coming months, which was a 23.7 pr cent premium to the last close and a 30.5 per cent premium to the one-month volume-weighted average price.Marcus Blackmore is “relieved”, and convinced Kirin wants to build the business.Indeed, it is; within months, Blackmores could be foreign owned for the first time in its 91-year history, and no longer trade on the ASX.
The last time Kirin made a big splash in Australian M&A was when its Lion paid $400 million for Stone & Wood in 2021. Momentum returned to the share price earlier this year as investors and analysts tipped Blackmores to benefit from China’s reopening and pointed to its long-duration growth prospects in other Asian markets.
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