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ABL acts for ASX-listed Probiotec on its proposed acquisition by Indonesian-listed Pyridam

Corporate and M&A
iStock 1135377659 min

Arnold Bloch Leibler is acting for ASX-listed Probiotec, a manufacturer, packer and distributor of prescription and over the counter pharmaceuticals and fast-moving consumer goods, in relation to its acquisition by Indonesian-listed company PT Pyridam Farma, by way of scheme of arrangement.

Probiotec has entered into a binding Scheme Implementation Deed to sell 100% of the company’s shares to a wholly owned subsidiary of Pyridam via an all-cash deal which implies an enterprise valuation to Probiotec of approximately $326 million. Pyridam is a long-standing Indonesian pharmaceutical company listed on the Indonesia Stock Exchange (IDX) which manufactures and distributes medical equipment and dermatological products.

Corporate and M&A partner Jeremy Lanzer is leading the transaction, with the assistance of senior associate Cameron Sivwright and lawyers Natalie Ryan and Stephanie Aitken. The team is also being supported by a number of other departments across the firm.

Jeremy commented: “We are delighted to be advising ASX-listed Probiotec on this milestone transaction which delivers a significant premium on recent trading and will see Probiotec delisted from ASX in the coming months. This is a terrific outcome for Probiotec shareholders and is delivered on the back of management’s sustained business success and the company’s focused growth strategy. We congratulate the Probiotec team with whom ABL shares a long-standing relationship as trusted advisor."

Probiotec’s Independent Board Committee is chaired by ABL partner Jonathan Wenig.

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