Asahi closes 2nd phase of $2.2B Zoll buyout

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Japanese chemicals conglomerate Asahi Kasei (TYO:3407) said it’s close to owning 100% of Zoll Medical (NSDQ:Zoll) now that it’s closed the 2nd phase of $2.2 billion buyout of the Chelmsford, Mass.-based automated external defibrillator maker.

Earlier this week Asahi said the 1st round wound up with it controlling about 21 million ZOLL shares in exchange for about $1.95 billion, or $93 apiece.

That’s about 86.1% of Zoll’s common stock. As of midnight yesterday, when the 3-day subsequent offering expired, Asahi owned 93.1% of Zoll’s outstanding stock, according to a press release.

The next step is a short-form merger that won’t require any further approval from Zoll’s shareholders. Once that’s done, the company will become a wholly owned Asahi Kasei subsidiary and cease trading on the NASDAQ stock exchange.

"Upon completion of the merger, Zoll will become a wholly owned subsidiary within the Asahi Kasei Group, managed by the current Zoll management team and with all current business units and operations remaining intact," according to the release.

ZOLL shares soared when the deal was announced last month, rising 24% to $92.74 March 12. Zoll and Asahi have history prior to the acquisition. Since July 2011 Asahi has had the exclusive right to distribute Zoll’s AED Plus automated external defibrillator in Japan. Asahi has said it plans to invest in Zoll’s resuscitation technologies as part of its "Health Care for Tomorrow" initiative.

Asahi is a diversified chemical manufacturer with businesses in health care, chemical and fibers, electronics, and homes and construction materials. Within health care, the company has units in pharmaceuticals, medical devices, and bioprocess products. The deal is expected to close during the 2nd quarter.

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