Asahi Breweries to acquire infant goods maker Wakodo+
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[April 24, 2006]

Asahi Breweries to acquire infant goods maker Wakodo+

(Japan Economic Newswire Via Thomson Dialog NewsEdge)TOKYO, April 24_(Kyodo) _ Beer brewer Asahi Breweries Ltd. said Monday it will conduct a tender offer for the shares of infant goods maker Wakodo Co. to gain at least half of Wakodo's outstanding shares and make it a subsidiary.



Wakodo is presently owned 59.50 percent by Sankyo Co., a pharmaceutical maker operating under holding company Daiichi Sankyo Co. Sankyo signed a contract the same day with Asahi Breweries to sell its stake in Wakodo.

The acquisition cost of the stake will be 23.6 billion yen.



Asahi Breweries will pay 7,900 yen per share by placing a 71 percent premium on the average of the closing quotes of Wakodo shares during the one-month period to Friday.

The per-share purchase price offered will be good from Tuesday to May 15.

Asahi Breweries is willing to buy all the shares to be offered by all shareholders in Wakodo. The maximum acquisition cost can therefore balloon to 47 billion yen.

Under the new business structure led by its holding company, Sankyo is seeking to concentrate its resources on its core pharmaceutical business, while Asahi Breweries is seeking to diversify into a range of non-beer businesses.

The nation's baby food market is estimated at 30 billion yen a year, with Wakodo accounting for 30 percent of the market. The company expects to post group sales of 33.4 billion yen in the business year to March 31, with its net profit for the period projected at 500 million yen.

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