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.
Go deeper with GlobalData
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.
See Also:
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
