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The Chinese appetite for Australian health and wellbeing products remains a constant theme in the market this year.
Vitamins firm Vitaco is being
swallowed by two Chinese giants in a $314 million agreed takeover, which ends its short life as an ASX-listed company and underlines the huge appetite for Australian vitamins companies and the "clean and green" brands they sell.
Vitaco,
which listed on the ASX in September, 2015 after raising $232 million in a public float, will be acquired by Chinese firm Shanghai Pharmaceuticals and Chinese private equity group Primavera.
Shanghai Pharma was one of the underbidders for the Swisse Wellness vitamins business acquired by Chinese firm Biostime International in September 2015, which valued Swisse at $1.67 billion.
Vitaco shareholders will be offered $2.25 per share. Vitaco, which sells vitamins brands including Nutra-Life, Wagner and Healtheries along with muscle-building protein powders and health bars under the Aussie Bodies and Musashi brands, had an issue price of $2.10 in the public float.
Vitaco last traded on August 3 at $1.76, with the bid price at a 28 per cent premium. The offer values the Vitaco equity at $313.7 million. Vitaco shares had soared above $3 in late November, 2015.
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Vitaco chief executive Ryan d'Almeida. The takeover ends the vitamin company's short life on the ASX. Photo: Brendon Thorn
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The Chinese appetite for Australian health and wellbeing products remains a constant theme in the market this year...
