Get instant alerts when news breaks on your stocks. Johnson & Johnson (NYSE: JNJ) today announced that they have agreed…
Johnson & Johnson (NYSE: JNJ) today announced that they have agreed with Ci: z Holdings Co., Ltd.. (4924) (the “Company”), a Japanese company focused on the marketing, development and distribution of a wide range of dermocosmetic, cosmetic and skincare products, to acquire all of the outstanding shares of the Company not already held by Johnson & Johnson and its affiliates for ¥ 5,900 per share, which equates to approximately ¥ 230 billion. The acquisition will include the Company’s range of brands comprising Dr.Ci: Labo, Labo Labo and Genomer line of skincare products.
The Company’s skincare portfolio is expected to strengthen Johnson & Johnson’s market presence in Japan with key customers, and more broadly
“Health and beauty consumers are actively seeking science-based innovation to improve their skin,” said Jorge Mesquita, Worldwide Chairman, Johnson & Johnson Consumer. “This transaction will maximize value creation for Johnson & Johnson’s Consumer business by bringing in an agile innovation model and rapidly accelerating sales through our global commercialization expertise.”
In July 201
6, Cilag GmbH International, an affiliate of Johnson & Johnson (” Cilag “), entered into a long-term strategic cooperation with the Company, to distribute the Company’s brands outside of Japan. As part of this cooperation, Cilag acquired approximately 19.9% of the outstanding shares of the Company. The tender offer is part of a series of transactions under which Johnson & Johnson intends to acquire all of the outstanding shares of the Company, including a separate transaction whereby Johnson & Johnson will acquire the shares of the Company held by CIC Corporation, the ownership vehicle of the Company’s founder, Dr. Yoshinori Shirono.
Benefits of the Proposed Transaction
Roadmap to Completion
Johnson & Johnson expects to launch the tender offer on October 29, 2018. Additional information on the tender offer and transactions will be made available to the Company’s shareholders in the tender offer registration statement for the transaction to be filed on EDINET in Japan. Copies of an English translation of the tender offer explanatory statement, which includes all the information described in the tender offer registration statement, may be obtained by contacting Johnson & Johnson’s tender offer agent, SMBC Nikko ( IBG_M&[email protected] ) at any time after October 29, 2018.
The tender offer is expected to close in the first quarter of 2019. Upon completion of the tender offer, Johnson & Johnson intends to conduct a squeeze-out procedure to purchase The remaining shares in the Company were not tendered in the tender offer, which we expect to complete in the first half of 2019.
The proposed transaction is conditional upon: