Ebos shareholders approve $1.1b purchase of Symbion

Yes vote paves the way for Ebos to triple annual sales to more than $6 billion.

Ebos Group shareholders approved the company's $1.1 billion purchase of the Symbion pharmaceutical wholesaler and distributer in Australia.

All six resolutions were passed at the meeting in Christchurch, paving the way for Ebos to triple annual sales to more than $6 billion as it looks to become Australasia's biggest pharmaceutical wholesaler and distributor.

"The increased scale and complementary nature of both businesses is expected to open up additional revenue opportunities and operational efficiencies," managing director Mark Waller says.

As part of the purchase, the company aims to raise $149 million from existing shareholders through a pro-rata rights issue. Two directors from Symbion parent Zuellig will join the Ebos board.

Shares in Christchurch-based Ebos dropped 0.2 percent to $9.53, having gained 32 percent this year.

(BusinessDesk)