China's Hillhouse and Japan's Mitsui & Co are reportedly final bidders ready to acquire Eu Yan Sang International for more than US$700 million, reported Reuters.
Singapore-based Eu Yan Sang is a household name in traditional Chinese medicine in southeast Asia and Hong Kong.
The company was previously listed on the Singapore Exchange S68 but was privatised in 2016 by its CEO Richard Eu together with Tower Capital, a unit of Temasek Holdings. At that time, the deal valued Eu Yan Sang at US$196 million.
According to Reuters on Jan 12, there is a third bidder and final binding bids are due by February before Lunar New Year.
Eu Yan Sang operates more than 170 retail outlets in mainland China, Hong Kong, Macau, Malaysia, and Singapore, as well as 30 clinics.
According to Reuters, China-based Hillhouse has a minority interest in Eu Yan Sang, having first invested in the company before its delisting in 2016.
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Mitsui too has an indirect interest in Eu Yan Sang by way of having participated in 2022 in a Tower Capital Asia fund that is an investor in Eu Yan Sang, according to a statement at that time.
