The board of Chinese infant nutrition group Feihe International has agreed to be taken private in a deal financed by a group including its chairman and CEO.

In an announcement yesterday (3 March), Feihe said the group will acquire the company for $7.40 per share without interest. The deal values Feihe at around US$147m.

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The company had received a letter of interest from CEO You-Bin Leng to acquire all the outstanding shares of common stock of the company he did not own, in October last year. He had a 45.34% stake in the firm.

The deal will be financed through a combination of an equity commitment of $28.1m by Morgan Stanley, $8.16m by Leng, and a $50m term-loan facility from Wing Lung Bank and Cathay United Bank.

The merger is expected to close in the second quarter.

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