Founded in 1962, Feihe Dairy is headquartered in Beijing, and produces formula, milk powder, and soybean, rice and walnut products. It has processing and distribution facilities in Kedong, Qiqihaer, Gannan, Longjiang, Shanxi, and Langfang.
MSPEA offered $7.40 per share of the stock, valuing the company at about $47m.
Leng currently owns 45.34 per cent of the company’s stock.
MSPEA said it had received a “highly confident” letter from Wing Lung Bank Limited with respect to $50m in debt financing, and definitive commitments for the required debt and equity funding are expected to be in place.
Feihe’s board of directors said it intends to form a special committee of independent directors to consider this proposal.
Copyright © 2012 AltAssets