Drew acting for a Temasek Holdings unit, Blanca Investments, in a take-over bid for Eu Yan Sang
18 May 2016
Drew & Napier is acting for a Temasek Holdings unit, Blanca Investments, in a take-over bid for Eu Yan Sang, a Traditional Chinese medicine (“TCM”) retailer. Blanca Investments is part of a consortium comprising private-equity fund Tower Capital and Eu Yan Sang's group chief executive officer Richard Eu, as well as certain other members of the Eu family.
The consortium has made a voluntary conditional cash offer (the “Offer”) at 60 Singapore cents per share for all the issued and paid-up ordinary shares of Eu Yan Sang through a special-purpose vehicle, Righteous Crane. The offer price excludes the interim dividend of 2.5 cents per share announced on 15 May by Eu Yan Sang and values the company at about S$269 million.
The Offer is conditional on certain Australian regulatory approvals.
Righteous Crane has received irrevocable undertakings to accept the offer from shareholders controlling about 63.2% of the company which include several Eu family members, Aberdeen Asset Management Asia and First State Investment Management (UK).
Eu Yan Sang is a leading integrative health and wellness company with a unique heritage in TCM. Eu Yan Sang specialises in the production, distribution and retail of TCM and wellness products and also operates a chain of TCM clinics. Listed on the Main Board of the Singapore Exchange, they are recognised as one of the largest TCM groups outside of China, and a leader in the TCM industry.
Directors Sandy Foo and Farhana Siddiqui, Senior Associate Lin Weihong and Associate Tan Jin Wei led the transaction.