17 Jun 2013

EBOS says Symbion purchase not a reverse takeover

6:59 am on 17 June 2013

Pharmaceuticals distributor EBOS Group says its $1.1 billion purchase of Australian distributor, Symbion, is not a reverse takeover nor will its head office move to Australia.

Symbion's current owner, the family-owned Zuellig Group, will take a 40% stake in EBOS as part-payment of the transaction.

Managing director Mark Waller told a meeting of shareholders held on Friday to vote on the transaction that, as far as he's concerned, it's business as usual.

He said financial and regulatory control of the company stays in New Zealand and the dual listing on the ASX will be a secondary listing to the main board for EBOS New Zealand.

The meeting overwhelmingly approved the purchase which received a glowing endorsement from the chairman of the Canterbury branch of the New Zealand Shareholders Association, Robin Harrison.

"We're very happy with what you've done and look forward to continuing success of the EBOS group," he said.