Amicogen, Inc. completed the acquisition of 30% stake in BIFIDO Co., Ltd from a group of shareholders.
September 13, 2021
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Amicogen, Inc. (KOSDAQ:A092040) agreed to acquire a 30% stake in BIFIDO Co., Ltd (KOSDAQ:A238200) from a group of shareholders for KRW 60.1 billion on July 21, 2021. Under the term, Amicogen will acquire 2.45 million shares of BIFIDO at KRW 24,500 per shares. Amicogen will pay 20% of the consideration amounting to KRW 12.02 billion on July 21, 2021 as the down payment or first payment, second payment or the interim payment which is 30% of the consideration amounting to KRW 18.04 billion will be paid on August 20, 2021 and the balance which is 50% of the consideration amounting to KRW 30.06 billion will be paid on October 20, 2021. Post completion, Amicogen will hold 30% stake in BIFIDO. As per correction disclosure filed on September 10, 2021, Geun-eok Ji will hold 8.62%, Hyun-soo Ji will own 0.57%, Ki-sook Lee will own 0.25%, and Hyun-kyung Ji and Hyun-jun Ji will not own any stake in BIFIDO. The acquisition is financed from own funds. The transaction was resolved by the board of directors of Amicogen on July 21, 2021. The transaction is expected to close on October 21, 2021.
Amicogen, Inc. (KOSDAQ:A092040) completed the acquisition of 30% stake in BIFIDO Co., Ltd (KOSDAQ:A238200) from a group of shareholders on September 14, 2021.
BIFIDO Co., Ltd. is a Korea-based company mainly engaged in the manufacturing and distribution of health functional foods using probiotics. The Company manufactures and sells probiotics health functional foods for infants, kids, adults, and women. These products are sold under the brand name of ZIGUNUK BIFIDUS. The Company also provides supplementary feeds for pets, as well as cosmetics including creams and serum. In addition, the Company produces raw materials for probiotics and fermented ginseng.