There were around 20 million shares of Ci:z not already held by Johnson & Johnson (J&J) tendered in the offer. This represents 41% of the outstanding share of the company.
J&J will acquire all tendered shares for ¥5,900 ($54.58) and purchase additional shares through the acquisition of CIC Corporation, the ownership vehicle of Ci:z founder, Yoshinori Shirono.
This will give J&J an aggregate ownership interest in Ci:z of 89%. J&J previously reported that the deal would be worth approximately ¥230 billion ($2.05 billion).
The finalisation of the deal is expected to take place on January 17.
After settlement and acquisition of CIC, J&J said it plans to buy out the remaining shares of Ci:z in the first half of 2019. It added that it plans to take action to delist the company from the Tokyo Stock Exchange.
Long-term partnership
In July 2016, Cilag GmbH International, an affiliate of J&J, entered into a long-term partnership with Ci:Z to help distribute its products outside Japan. As part of the deal, Cilag acquired approximately 19.9% of the company’s shares.
J&J announced plans to acquire the Japanese company in October to help strengthen its market presence in Japan and bolster its offering in science-based dermocosmetic brands.
"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 maximise value creation for Johnson & Johnson's Consumer business by bringing in an agile innovation model and rapidly accelerating sales through our global commercialisation expertise."
Expanding footprint in Asia
The American multi-national made strides to increase its presence around Asia in 2018.
Aside from the acquisition of Ci:Z, J&J celebrated the grand opening of its regional headquarters in Singapore’s Science Park.
The new facility is home to the firm’s first design lab outside of New York, a Leadership Lab, and the company's first international Johnson & Johnson Human Performance Institute.