Johnson & Johnson finished a tender offer for the ¥230 billion all-cash acquisition of Japanese distributor of cosmetic and skincare products Ci:z Holdings Co. Ltd.
New Brunswick, N.J.-based J&J, which will pay ¥5,900 per share, said 20,004,934 shares representing 41% of the outstanding shares of Ci:z were tendered to the offer.
J&J will also acquire CIC Corp., the ownership vehicle of Ci:z founder Yoshinori Shirono, which, along with the shares of Ci:z already held, will take the pharmaceutical giant's stake to 89%.
Following the settlement of the tender offer and the acquisition of CIC, J&J plans to acquire the remaining shares of Ci:z through a share consolidation under Japanese law during the first half of the year.
The acquisition of Ci:z is expected to boost J&J's market presence in Japan and expand its dermo-cosmetic portfolio, which will include Ci:z brands comprising Dr.Ci:Labo, Labo Labo and Genomer line of skincare products.
J&J said it plans to settle the tender offer and acquisition of CIC by Jan. 17.
J&J will delist Ci:z from the Tokyo Stock Exchange upon completion of the acquisition.
As of Jan. 10, US$1 was equivalent to 108.30 Japanese yen.