Chapman Tripp lawyers John Strowger and Tim Tubman acted for Life Pharmacy Limited on its merger with Pharmacybrands Limited, New Zealand’s largest retail pharmacy group with the Amcal and Unichem brands. The merger is to be effected by way of a scrip for scrip takeover offer by Life, with Chapman Tripp advising on all aspects of the transaction.
The merged company will have approximately 30 partly owned pharmacies, 220 franchised pharmacies and a presence in most towns and cities. According to a statement from Life, the merger “represents a real opportunity to establish an organisation of sufficient scale, strength and capability to play a major role in reshaping the pharmacy sector in New Zealand”. The transaction values the merged entity at about NZ$56 million.
Tim Tubman says “Chapman Tripp has acted for Life for a number of years and it is pleasing to see its growth since listing in 2005. Following the introduction of its cornerstone investor in 2007 and its capital raising and the acquisition of Care Chemists in 2008, the merger is another successful step for the company”.
Chapman Tripp partner Grant David provided competition advice on the merger.