The shareholders in OBJ Limited (ASX: OBJ) have overwhelmingly approved key resolutions related to the proposed acquisition of Export Corporation (Australia) Pty Ltd, the owner-operator of leading nutrition products distributor Nutrition Systems.
OBJ shareholders approval was a key Condition Precedent to the proposed transaction. The OBJ Board has confirmed that the company will move rapidly to complete the remaining condition precedents, including the raising of the required consideration funds.
Nutrition Systems is a highly profitable distributor and wholesaler of nutritional wellness products in Australia and New Zealand, with a focus on high quality sports nutrition products from the USA.
The OBJ Board said the acquisition will strengthen the growth of OBJ by positioning it closer to both its target markets and the end consumer through Nutrition Systems extensive distribution network of specialty stores, major pharmacy and grocery chains throughout Australia and New Zealand.
It will also allow the Nutrition Systems business to access OBJ’s technology platforms and manufacturing expertise.
The consideration for the acquisition is $85 million, with $50 million to be satisfied in cash and $35 million in equity.
OBJ is a leading developer of magnetic, micro-array drug and ingredient delivery technologies.
OBJ has more than 100 years of combined expertise in transdermal, perdermal, appendageal and sub-surface drug and ingredient delivery and associated product development.
