Indofood launches offer for Singapore-listed China Minzhong
SINGAPORE, Sept 2
SINGAPORE, Sept 2 (Reuters) - Indonesia's Indofood Sukses Makmur Tbk PT launched an offer for Singapore-listed China Minzhong Food Corp Ltd at S$1.12 per share, valuing the company at around S$734 million ($575 million).
Indofood said on Monday it had agreed to buy from the market 25.59 million shares in Minzhong, representing 3.9 percent of its total issued shares, which kicked off a mandatory offer for the remaining shares.
Indofood said it now owns, controls or has agreed to acquire around 33.49 percent of Minzhong.
Under Singapore law, a single shareholder needs to make a mandatory takeover offer for the target company if its stake increases to 30 percent.
Minzhong's shares plunged by nearly half last week after it came under attack from California-based Glaucus Research. Minzhong, whose shares have been suspended since last week, has strongly rejected any irregularities.
UOBKayHian advised Indofood. ($1 = 1.2768 Singapore dollars) (Reporting by Eveline Danubrata; Editing by Anshuman Daga)
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