The consortium led by Yongye chairman and CEO Zishen Wu has offered $6.60 per share of the company’s common stock, to be financed through a combination of debt and equity.
A letter from the consortium outlining the offer says it has the backing of a Chinese bank experienced in finance take-private deals.
Beijing-headquartered Yongye’s main product is liquid crop nutrient, from which it made most of its sales last year, but also produces powdered animal feed primarily used for dairy cows.
MSPEA has hired Paul, Weiss, Rifkind, Wharton & Garrison as its legal counsel while Abax is represented by Weil, Gotshal & Manges.
Earlier this year MSPEA bid to buy NYSE-listed Chinese infant milk company Feihe International for $147m alongside company chairman and CEO You-Bin Leng.
Feihe Dairy produces formula, milk powder, and soybean, rice and walnut products.
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