Key Developments: Feihe International Inc (ADY)
7.33USD
24 May 2013
$0.00 (+0.00%)
$7.33
$7.33
$7.34
$7.33
9,909
84,893
$7.38
$4.40
Latest Key Developments (Source: Significant Developments)
Feihe International Inc Enters Into Merger Agreement For Going Private Transaction
Feihe International Inc announced that it has entered into an Agreement and Plan of Merger with Diamond Infant Formula Holding Limited, a Cayman Islands exempted company Holdco), Platinum Infant Formula Holding Limited, a Cayman Islands exempted company and a wholly owned subsidiary of Holdco (Parent), and Infant Formula Merger Sub Holding Inc., a Utah corporation and a wholly owned subsidiary of Parent (Merger Sub), pursuant to which Parent will acquire the Company for USD7.40 per share of the Company's common stock without interest. The Merger Consideration that it had received a going private proposal from Mr. You-Bin Leng, the Company's Chairman and Chief Executive Officer, and an affiliate of Morgan Stanley Private Equity Asia. The Merger Consideration implies an equity value of the Company of approximately USD147 million, on a fully diluted basis. Pursuant to the terms and subject to the conditions of the Merger Agreement, Merger Sub will merge with and into the Company with the Company surviving the merger and becoming a wholly owned subsidiary of Parent and a wholly owned indirect subsidiary of Holdco. Full Article
Harwood Feffer LLP Announces Investigation Of Feihe International Inc
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Feihe International Inc. (Feihe or the Company) concerning the proposed acquisition of the Company by You-Bin Leng, its Chairman and CEO and an affiliate of Morgan Stanley Private Equity Asia in a transaction valued at approximately $146 million. Under the terms of the proposed transaction, Feihe shareholders would receive $7.40 per share in cash, substantially below the Company's reported book value. Leng owns approximately 45% of the Company's common stock. The investigation concerns whether the Feihe board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders. Full Article
Pomerantz Law Firm Investigates Claims on Behalf of Investors of Feihe International Inc
Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it is investigating claims on behalf of investors of Feihe International Inc (Feihe International or the Company) concerning the proposed acquisition of Feihe International by You-Bin Leng, its Chairman and Chief Executive Officer, and an affiliate of Morgan Stanley Private Equity Asia in a cash transaction valued at approximately $146 million. The investigation concerns whether the Feihe International directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the going private proposal, Feihe International shareholders would receive $7.40 in cash per share of Feihe International common stock. However, the Company has traded as high as $9.30 per share in the past six months. Full Article
The Law Firm of Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of Feihe International, Inc.
Levi & Korsinsky announced that it is investigating the Board of Directors of Feihe International, Inc. (Feihe International or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with the proposed sale of the Company to You-Bin Leng, the Company’s Chairman and Chief Executive Officer, and an affiliate of Morgan Stanley Private Equity Asia. Under the terms of the proposed transaction, Feihe International shareholders would receive $7.40 for each share of Feihe International they own. Leng currently owns 45.34% of the Company’s common stock. The investigation concerns, among other things, whether the consideration to be paid to Feihe International shareholders is unfair, inadequate, and substantially below the fair or inherent value of Feihe International, and whether Leng is taking advantage of his position as a controlling shareholder in order to purchase the Company at an unfair price. Feihe International stock has a reported book value of $9.54 per share for the most recent quarter. Full Article
Tripp Levy PLLC Announces Investigation of Feihe International Inc
Tripp Levy PLLC, national securities law firm, announced that it is investigating the acquisition of Feihe International Inc by its Chairman and CEO. Feihe announced that its Board of Directors has received a proposal from Mr. You-Bin Leng (Mr. Leng), the Company's Chairman and Chief Executive Officer, and an affiliate of Morgan Stanley Private Equity Asia to acquire all of the outstanding shares of common stock of the Company not currently owned by Mr. Leng (and possibly other rollover shareholders) in a going private transaction for $7.40 per share of common stock in cash. Mr. Leng currently owns 45.34% of the Company's common stock. The investigation concerns whether Mr. Leng and the board of directors of Feihe breached their fiduciary duties in allowing Mr. Leng to acquire the Company for an unfairly low price. Indeed, the Company's book value alone is $9.54 per share, and analysts have projected the Company's true inherent value is in excess of $9 per share. Full Article
Rosen Law Firm Announces Investigation of Feihe International Inc
The Rosen Law Firm, P.A. announced that it is investigating the Board of Directors of Feihe International Inc for possible breaches of fiduciary duty and other violations of state law in connection with a going private proposal from its Chairman and Chief Executive Officer. Under the terms of the proposal, Fiehe`s Chairman and CEO, You-Bin Leng, shareholders will receive $7.40 for each share of Feihe International stock they own. The investigation relates to whether the proposal for $7.40/share is fair to public shareholders and whether Feihe`s Board fiduciary duties in connection with the offer. Full Article
Feihe International Inc Announces Receipt of Going Private Proposal at $7.40 Per Share
Feihe International Inc announced that its Board of Directors has received a preliminary, non-binding proposal letter dated October 3, 2012 from Mr. You-Bin Leng (Mr. Leng), the Company's Chairman and Chief Executive Officer, and an affiliate of Morgan Stanley Private Equity Asia, the private equity arm of Morgan Stanley (MSPEA), to acquire all of the outstanding shares of common stock of the Company not currently owned by Mr. Leng (and possibly other rollover shareholders) in a going private transaction for $7.40 per share of common stock in cash, subject to certain conditions. According to the proposal letter, an acquisition vehicle will be formed for the purpose of completing the acquisition, and the acquisition is intended to be financed through a combination of debt and equity capital. Mr. Leng currently owns 45.34% of the Company's common stock. The proposal letter states that MSPEA has received a "highly confident" letter from Wing Lung Bank Limited with respect to $50 million in debt financing, and definitive commitments for the required debt and equity funding are expected to be in place, subject to the terms and conditions set forth therein, when the definitive agreements with respect to the acquisition are signed. Feihe's Board of Directors intends to form a special committee of independent directors (the "Special Committee") to consider this proposal. The Special Committee will retain a financial advisor and legal counsel to assist it in its work. Full Article
Feihe International, Inc. Engages Crowe Horwath (HK) As Independent Auditor
Feihe International, Inc. announced that it has engaged Crowe Horwath (HK) CPA Ltd. (CHHK) as the Company's independent registered public accounting firm, effective immediately. Full Article
Feihe International, Inc. Receives Authentication For China's Credit Management System For Food Industry
Feihe International, Inc. announced that it has received authentication for China's Credit Management System (CMS) for the food industry. China's Credit Management System for the food industry was promoted by the government to improve food safety and enhance corporations' credibility and social responsibility. At the conference for the Discussion & Training of Establishing a National CMS for the Food Industry held by the Ministry of Industry and Information Technology of China, Feihe International and other 8 corporations received one of the first certificates of CMS approval issued by related governmental agencies. Full Article
Feihe International, Inc. Completes Sale Of Two Dairy Farms
Feihe International, Inc. announced that it has successfully closed the sale of its equity interests of two dairy farms. Other terms and conditions were not disclosed. Full Article
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