There were around 20 million shares of Ci:z not already held by Johnson & Johnson (J&J) tendered in the offer. This represents 41% of the outstanding share of the company.
J&J will acquire all tendered shares for ¥5,900 ($54.58) and purchase additional shares through the acquisition of CIC Corporation, the ownership vehicle of Ci:z founder, Yoshinori Shirono.
This will give J&J an aggregate ownership interest in Ci:z of 89%. J&J previously reported that the deal would be worth approximately ¥230 billion ($2.05 billion).
The finalisation of the deal is expected to take place on January 17.
After settlement and acquisition of CIC, J&J said it plans to buy out the remaining shares of Ci:z in the first half of 2019. It added that it plans to take action to delist the company from the Tokyo Stock Exchange.
In July 2016, Cilag GmbH International, an affiliate of J&J, entered into a long-term partnership with Ci:Z to help distribute its products outside Japan. As part of the deal, Cilag acquired approximately 19.9% of the company’s shares.
J&J announced plans to acquire the Japanese company in October to help strengthen its market presence in Japan and bolster its offering in science-based dermocosmetic brands.
"Health and beauty consumers are actively seeking science-based innovation to improve their skin," said Jorge Mesquita, worldwide chairman, Johnson & Johnson Consumer.
"This transaction will maximise value creation for Johnson & Johnson's Consumer business by bringing in an agile innovation model and rapidly accelerating sales through our global commercialisation expertise."
Expanding footprint in Asia
The American multi-national made strides to increase its presence around Asia in 2018.
Aside from the acquisition of Ci:Z, J&J celebrated the grand opening of its regional headquarters in Singapore’s Science Park.
The new facility is home to the firm’s first design lab outside of New York, a Leadership Lab, and the company's first international Johnson & Johnson Human Performance Institute.