Tender Offer Completed for Japanese Cosmetics Maker Mandom

Osaka, Feb. 27 (Jiji Press)–Japanese cosmetics maker Mandom Corp. has completed a tender offer for its own shares conducted in partnership with British investment fund CVC Capital Partners. On Thursday, Mandom said that tendered shares accounted for about 72 pct of the total in terms of voting rights. The total purchase amount reached 125.6 billion yen, significantly higher than the original plan of 79.3 billion yen. Mandom, listed on the Tokyo Stock Exchange’s top-tier Prime section, will go private after the remaining shares are acquired by the British fund. In September last year, Mandom, based in the western Japan city of Osaka, announced that it would launch a tender offer as part of a management buyout scheme. It initially set the purchase price at 1,960 yen per share. However, the purchase price was raised after some shareholders, including Aya Nomura, the first daughter of activist investor Yoshiaki Murakami, claimed that the initial price was too low. After U.S. investment fund KKR proposed acquiring Mandom, the Japanese cosmetics maker raised its offer to 3,105 yen per share. END [Copyright The Jiji Press, Ltd.]