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Marlin nets a good takeover deal

Monday 18th January 2010

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A takeover offer for an American company by Japanese cosmetics giant Shiseido will provide an early 2010 boost for three New Zealand funds managed by Fisher Funds.

The Fisher Funds International Growth Fund, the Fisher Funds KiwiSaver Growth Scheme, and listed company Marlin Global, are all holders of shares in American cosmetics company Bare Escentuals.

It is a leading US cosmetics company and an innovator in mineral-based cosmetics.

Shiseido's acquisition offer for Bare Escentuals represents a 40% premium to the share price and boosts the net asset value of the Marlin Global fund by about $1.7million.

Fund manager Ken Applegate says around 4% of the Marlin fund was invested in Bare Escentuals prior to the announcement and "the takeover price at US$18.20 per share was an opportunity that was too good to ignore for our investors."

Fisher Funds managing director Carmel Fisher says that the takeover offer illustrates the value that still exists in the market place, despite the rally of 2009, and that successful investing is about buying leaders in niche segments rather than relying on broad share markets to perform.

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