Cadbury Schweppes has successfully completed its tender offer for the Japanese functional candy company Sansei.
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The UK confectioner said that on the closing date (19 July), over 96% of the shares in Sansei had been tendered, above the required limit to render the offer valid.
Cadbury said it would now purchase these shares at a total cost – before expenses – of JPY13.2bn (US$107.9bn). The company will then undertake the necessary processes under Japanese corporate law to acquire 100% of Sansei Foods’ shares and delist the shares from the Osaka Stock Exchange.
Cadbury announced its move for Sansei, which sells sugar-free functional candy in Japan under the Teicalo and Xylicrystal brands, in June.
Cadbury’s CEO Todd Stitzer said at the time that Sansei’s sugar-free products would complement Cadbury’s Halls brand, adding that the company sees strong opportunities to develop sales further in the Japanese market and elsewhere.
Sansei has around a 4% share of the Japanese candy market, which is valued at around GBP1bn.
