* Investor Full Alliance offers $6.69 per share
* Yongye valued at about $340 mln
* Shares rise 5 pct
Sept 23 (Reuters) - China-based crop nutrient maker Yongye International Inc said it has agreed to be taken private by top shareholder Full Alliance International Ltd and its affiliates, valuing the company at about $340 million.
The $6.69 per share offer represents an 11.9 percent premium to the Friday close of $5.98 on the Nasdaq.
Yongye shares were up 4 percent in morning trade at $6.20.
Full Alliance, which owns about 15 percent of the company, Yongye chief executive Zishen Wu, Morgan Stanley affiliate MSPEA Agriculture Holding Ltd, and Abax Global Capital Ltd had offered to take the company private in October for $6.60 per share.
Yongye said Abax is not a part of the new offer and has opted out of the consortium. Abax, which primarily invests in China, owns less than one percent of Yongye's shares.
The company, which has a market value of about $303 million, makes liquid nutrients that are sprayed on plants and powders for animal feed.
The deal, which is expected to close before the end of the first quarter next year, has been approved by Yongye's board.