膳食补充剂行业“上市公司+PE”跨境并购案例分析——以汤臣倍健收购澳大利亚LSG公司为例

Case Analysis of Cross-border M&A of“Listed Company+PE”in the Dietary Supplement Industry——Take By-Health’s Acquisition of LSG in Australia as an Example

中国膳食补充剂领先企业汤臣倍健收购LSG旨在实施横向一体化战略、丰富产品谱系、拓展海外市场、巩固行业领导者地位。在对汤臣倍健及其并购标的公司LSG基本情况、估值与对价支付等案例情况简介、分析后认为,本次跨境并购案例具有的交易特点是:采用“上市公司+PE”基金模式、境外竞购与境内发行股份“两步走”、溢价率较高、未设置业绩承诺等。针对我国食品及相关行业上市公司后续开展境外并购项目策划及其并购后的管控问题,从择优选择中介服务机构、审慎研判监管审查风险、确保信息披露依法合规、加强并购后的战略与风险整合管控等四个方面提出实施建议。

The acquisition of LSG by Tomson,a leading Chinese dietary supplement company,aims to implement a horizontal integration strategy,enrich the product lineage,expand overseas markets,and consolidate its position as an industry leader.After briefing and analyzing the basic situation,valuation and consideration payment of BY-HEALTH and its M&A target company LSG,it is believed that the transaction characteristics of this cross-border M&A case are:adopting the“listed company+PE”fund model,Overseas bidding and domestic issuance of shares are“two-step”,the premium rate is relatively high,and no performance commitment has been set.In response to the follow-up overseas M&A project planning and post-merger management and control issues of listed companies in China’s food and related industries,the selection of intermediary service agencies should be based on merits,the risk of regulatory review should be carefully studied,and information disclosure should be in compliance with laws and regulations,and post-merger strategy and risk integration should be strengthened.Put forward implementation suggestions in four aspects including management and control.