Feihe International, a leading producer of food producer in China, has announced that its shareholders have approved the previously announced $146m go-private deal, offered by a group led by chairman and chief executive officer You-Bin Leng.
The proposed deal was approved by approximately 74.8% of the outstanding shares of the company common stock and approximately 57.1% of the total outstanding shares of the company common stock not owned by the buyer group, satisfying the requirements of the merger agreement.
The transaction, which is subject to certain closing conditions, is expected to be completed by the end of this week.
Following the deal, Feihe International will become a a privately held company and shares of its common stock will no longer be listed on the New York Stock Exchange.
In March, Feihe International entered into an agreement to go private, after a group led by chairman and chief executive officer You-Bin Leng agreed to acquire the company.
Feihe International is a producer and distributor of infant formula, milk powder, soybean, rice and walnut products in China and operates through its wholly owned subsidiary, Feihe Dairy, and other subsidiaries.
The company owns over 200 milk collection stations, six production facilities, which produce approximately 2,020 tons of milk powder per day, and a distribution network of more than 80,000 retail outlets throughout China.
