The group bidding to control Chinese medicine manufacturer Eu Yan Sang (Hong Kong) says it has increased its stake in the firm to 53.4 per cent. Essence Holdings last night announced an unconditional cash offer for all the shares it did not already control. It said that at the close of trading yesterday it held 17.28 million shares, or 9.5 per cent, of all Eu Yan Sang shares. Essence said it had also received 'irrevocable undertakings' from holders of 79.88 million other shares, or an additional 43.9 per cent of Eu Yan Sang's issued share capital, that they would accept the offer. Essence is the vehicle being used by a group including one of the younger members of the Eu family, non-executive director Robert Eu Yee-sang, and Hong Kong venture capital firm MBO Partners, to gain control of the family business. Yesterday, Eu Yan Sang shares closed unchanged at $1.24.